Audit & Risk Committee

The Board of Directors has formed an Audit & Risk Committee.

Dieter Wemmer (Chairman), Jørgen Kildahl, and Peter Korsholm are the members of the Audit & Risk Committee. 

Between them, the members of our Audit & Risk Committee possess the relevant financial, accounting, audit and sector skills. All members are independent.

The committee assists the Board of Directors in overseeing the financial and ESG reporting process (including key accounting estimates and judgements), liquidity and capital structure development, financial and business-related risks, compliance with statutory and other requirements from public authorities, internal controls, IT security in operational and administrative areas as well as cybersecurity. 

Moreover, the committee approves the framework governing the work of the company’s external and internal auditors (including limits for non-audit services), evaluates the external auditors’ independence and qualifications, and monitors the company’s whistle-blower scheme. 

In 2021, the committee reviewed the financial impact of the implementation of IFRS hedge accounting on all commodity and related currency hedges, the acquisition of Brookfield Renewable Ireland, the implementation of the new EU taxonomy reporting, and lastly, the impact from the increased energy prices on the risk management procedures and the financial statement.

Furthermore, the committee continued to assess the claim made by the Danish Tax Agency requiring further Danish taxation of our British offshore wind farms Walney Extension, Hornsea 1, and Race Bank (added during the year), and lastly, it reviewed the progress in IT security.

Our Internal Audit function reports to the Audit & Risk Committee and is independent of our administrative management structures. Internal Audit enhances and protects the organisational value by providing risk-based and objective assurance, advice, and insight. The focus for Internal Audit is auditing and advising on our core processes, governance, risk management, control processes, and IT security. 

The Chairman of the Audit & Risk Committee is responsible for managing our whistle-blower scheme. Internal Audit receives and handles any reports submitted. Our employees and other associates may report serious offences, such as cases of bribery, fraud, and other inappropriate or illegal conduct, to our whistleblower scheme or through our management system. In 2021, five substantiated cases of inappropriate or unlawful behaviour were reported through our whistle-blower scheme. Four cases related to the workplace environment, while one case concerned IT security. None of the reported cases were critical to our business, nor caused adjustments to our financial results. None of the cases required a police report.

Whistle-blower cases are taken very seriously, and we continuously enhance the awareness of good business conduct through education and awareness campaigns to minimise future similar cases. 

Six meetings have been held in 2021 in the Audit & Risk Committee.

You can download the terms of reference of the Audit & Risk Committee via the link above.
 
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