The nomination committee consists of the Chairman and Deputy Chairman of the Board of Directors. In 2019, the primary activities of the nomination committee were the preparation of the annual evaluation of the Board of Directors, the selection and nomination of potential new candidates for the Board of Directors, the overall succession planning of the Board of Directors and the Executive Board.
The remuneration committee consists of the Chairman and Deputy Chairman of the Board of Directors. In 2019, the primary activities of the remuneration committee were the assessment and recommendation of remuneration of the Board of Directors and the Executive Board. Furthermore, the Committee considered the implications of the implementation of the revised Shareholder Rights directive and prepared the Remuneration Report to be presented at the AGM in 2020.
The committee consists of two members; the chairman and one member. The low level of complexity of the business and wide usage of standard and automated IT tools are the prime reasons for the size of the committee. It is the Audit Committee’s objective to secure quality and integrity in the Company’s presentation of Financial Statements, audit and financial reporting. Further, the Audit Committee monitors accounting and reporting processes, the audit of the Company’s financial reporting, risk issues and the external auditor’s performance and independence.