The Board of Directors has established an Audit & Risk Committee consisting of members appointed among and by the members of the Board of Directors. Judith Hartmann (Chair), Annica Bresky, and Julian Waldron are the members of this committee.
The tasks of the committee include overseeing the integrity of the financial and sustainability reporting (including key accounting estimates and judgements), funding, liquidity, and capital structure development, financial and business-related risks, compliance with statutory and other requirements from public authorities, internal controls, nomination of external auditors, IT security in operational and administrative areas and in cybersecurity.
Moreover, the committee approves the framework governing the work of Ørsted’s external and internal auditors (including limits for non-audit services), evaluates the external auditors’ independence and qualifications, and monitors Ørsted’s whistleblower scheme.
In 2024, 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, continued working on strengthening the risk management framework, and continued the work on implementing the Corporate Sustainability Reporting Directive (CSRD). Furthermore, the committee worked on strengthening the internal control framework, continued to assess 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 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 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 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 2024, 14 substantiated cases of inappropriate or unlawful behaviour were reported through our whistleblower scheme. A total of 10 cases related to good business conduct policy violations, while three cases concerned the workplace environment, one case was classified as 'other'. None of the reported cases were critical to our business, nor did they cause any adjustments to our financial results. Additionally, no cases 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 to minimise future similar cases.
Six meetings have been held in the committee in 2024.
You can download the terms of reference of the Audit & Risk Committee via the link above.
The tasks of the committee include overseeing the integrity of the financial and sustainability reporting (including key accounting estimates and judgements), funding, liquidity, and capital structure development, financial and business-related risks, compliance with statutory and other requirements from public authorities, internal controls, nomination of external auditors, IT security in operational and administrative areas and in cybersecurity.
Moreover, the committee approves the framework governing the work of Ørsted’s external and internal auditors (including limits for non-audit services), evaluates the external auditors’ independence and qualifications, and monitors Ørsted’s whistleblower scheme.
In 2024, 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, continued working on strengthening the risk management framework, and continued the work on implementing the Corporate Sustainability Reporting Directive (CSRD). Furthermore, the committee worked on strengthening the internal control framework, continued to assess 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 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 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 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 2024, 14 substantiated cases of inappropriate or unlawful behaviour were reported through our whistleblower scheme. A total of 10 cases related to good business conduct policy violations, while three cases concerned the workplace environment, one case was classified as 'other'. None of the reported cases were critical to our business, nor did they cause any adjustments to our financial results. Additionally, no cases 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 to minimise future similar cases.
Six meetings have been held in the committee in 2024.
You can download the terms of reference of the Audit & Risk Committee via the link above.
