Audit Committee
The Audit Committee has three members elected by the Board among its members. All members qualify as independent as defined by the US Securities and Exchange Commission (SEC). One member is not regarded as independent under the Danish Corporate Governance Recommendations.
One member is designated as chairman and two members are designated as Audit Committee Financial Experts.
The board has in March 2006 elected the following to the Audit Committee: Kurt Anker Nielsen (Audit Committee Chairman and Financial Expert), Niels Jacobsen (Audit Committee Member and Financial Expert) and Jørgen Wedel (Audit Committee Member).
In 2006, the Audit Committee held four meetings and all members participated in all meetings.
Roles and responsibilities
The Audit Committee assists the Board with the oversight of a) the external auditors, b) the internal auditors, c) the procedure for handling complaints regarding accounting, internal controls, auditing or financial reporting matters ('whistleblower function'), d) the accounting policies, and e) the systems of internal controls.
In 2006, its responsibility was extended to include post-completion review of fixed asset investments previously approved by the Board.
Under Danish law the statutory auditor is elected by the shareholders. The right to propose candidates for election rests with each and every shareholder and with the Board. The Audit Committee recommends to the Board the statutory External Auditors to be nominated by the Board and elected by the Annual General Meeting.
This page has been assessed by PricewaterhouseCoopers as part of its assessment of Novo Nordisk’s statement that it reports ‘in accordance’ with GRI. Please refer to Audit and assurance for a full description of the nature of assurance offered.
