Download
The Board of Directors has established an Audit & Risk Committee consisting of members appointed among and by the members of the Board of Directors. Julian Waldron (Chair), Karl Johnny Hersvik and Karen Dyrskjøt Boesen are the members of this committee.
The tasks of the committee include monitoring Ørsted’s financial and sustainability reporting, overseeing the policies and procedures for control, monitoring, and mitigation of financial and sustainability risks across Ørsted, and review of regulatory compliance, Ørsted’s enterprise risk management system, market price forecast, and WACC.
Moreover, the committee is responsible for the supervision of Ørsted’s external and internal auditors (including limits for non-audit services), evaluation of the external auditors’ independence and monitoring of the company’s whistleblower scheme.
In 2025, the committee reviewed impairments on our property, plant, and equipment with a high attention to our US offshore wind projects, monitored the development in provisions for onerous contracts and cancellation fees and oversaw the implementation of the new Enterprise Risk Management Framework. Furthermore, the committee performed oversight on the strengthening of the internal control framework, continuation of assessment of the claim made by the Danish Tax Agency requiring double Danish taxation of certain of our British offshore wind farms, and lastly, reviewed the progress in IT and cybersecurity.
Our Internal Audit function reports to the 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 to audit and advise on our core processes, governance, risk management, control processes, and IT security.
The Chair of the Audit & Risk Committee is responsible for managing our whistleblower scheme. Internal Audit receives and handles any reports submitted. Our employees and external 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 2025, 24 substantiated cases of inappropriate or unlawful behaviour were reported through our whistleblower scheme. A total of twelve cases related to good business conduct policy violations, nine cases were classified as discrimination and harassment, and three cases concerned the workplace environment. None of the reported cases were critical to our business, nor did they cause adjustments to our financial results. Additionally, no cases reported through the whistleblower hotline required reporting to the police. Whistleblower cases are taken very seriously, and we continuously enhance the awareness of good business conduct through education and awareness campaigns for our employees to minimise future similar cases.
You can download the terms of reference of the Audit & Risk Committee via the link above.
The tasks of the committee include monitoring Ørsted’s financial and sustainability reporting, overseeing the policies and procedures for control, monitoring, and mitigation of financial and sustainability risks across Ørsted, and review of regulatory compliance, Ørsted’s enterprise risk management system, market price forecast, and WACC.
Moreover, the committee is responsible for the supervision of Ørsted’s external and internal auditors (including limits for non-audit services), evaluation of the external auditors’ independence and monitoring of the company’s whistleblower scheme.
In 2025, the committee reviewed impairments on our property, plant, and equipment with a high attention to our US offshore wind projects, monitored the development in provisions for onerous contracts and cancellation fees and oversaw the implementation of the new Enterprise Risk Management Framework. Furthermore, the committee performed oversight on the strengthening of the internal control framework, continuation of assessment of the claim made by the Danish Tax Agency requiring double Danish taxation of certain of our British offshore wind farms, and lastly, reviewed the progress in IT and cybersecurity.
Our Internal Audit function reports to the 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 to audit and advise on our core processes, governance, risk management, control processes, and IT security.
The Chair of the Audit & Risk Committee is responsible for managing our whistleblower scheme. Internal Audit receives and handles any reports submitted. Our employees and external 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 2025, 24 substantiated cases of inappropriate or unlawful behaviour were reported through our whistleblower scheme. A total of twelve cases related to good business conduct policy violations, nine cases were classified as discrimination and harassment, and three cases concerned the workplace environment. None of the reported cases were critical to our business, nor did they cause adjustments to our financial results. Additionally, no cases reported through the whistleblower hotline required reporting to the police. Whistleblower cases are taken very seriously, and we continuously enhance the awareness of good business conduct through education and awareness campaigns for our employees to minimise future similar cases.
You can download the terms of reference of the Audit & Risk Committee via the link above.
