The Audit Committee advises the Board on accounting, audit and internal control matters. In particular, the Audit Committee:
- monitors the financial reporting process including risks;
- monitors the effectiveness of the Company’s system of internal control and risk management as well as the internal audit function;
- monitors the conducting of the statutory audit (contrôle legal/wettelijke controle) of the annual and the consolidated accounts, including any follow-up on questions and recommendations made by the statutory auditors;
- presents recommendations to the Board with respect to the appointment of the statutory auditors; and
- reviews and monitors the independence of the statutory auditors, in particular regarding the provision of non-audit services to the Company.