Audit Committee

The Audit Committee was established by a resolution of the Board of Directors and is accountable to the Board.

Given the small size of the Board, it is deemed both proportionate and practical for all Directors to be on the Audit Committee.

Berlin Germany

The primary responsibilities of
the Committee are:

  • To review the integrity and contents of the Company’s annual and half-yearly financial statements and accounting policies.
  • To advise the Board, where requested, on whether the Annual Report and Financial Statements, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the Company’s position and performance, business model and strategy.
  • To review compliance with regulatory and financial reporting requirements.
  • To review the principal risks facing the Company that would threaten its business model, future performance, solvency or liquidity, and to assess the prospects of the Company for a period longer than 12 months.
  • To review the Company’s internal controls and risk management systems.
  • To review annually the need for the Company to have its own internal audit function.
  • To oversee the selection process of possible new appointees as external Auditor.
  • To review the adequacy and scope of the external audit.
  • To consider the independence, objectivity and effectiveness of the Auditor and the effectiveness of the audit; and
  • To make recommendations to the Board in relation to the appointment and remuneration of the Auditor.