Nomination and Remuneration committee

The Nomination and Remuneration Committee consists of the Chair and Deputy Chair of the Board of Directors. The primary obligations of the Committee are to prepare and complete evaluation of the Board of Directors, including selection and nomination of potential new candidates to the Board of Directors and Executive Management and to secure the overall succession planning of the Board of Directors and the Executive Management. Additionally, it is the Committee’s obligation to assess and recommend remuneration of the Board of Directors and the Executive Management.

Audit committee

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.