Composition

On April 27, 2016, the Audit Committee was comprised of four members: Mr. Stefan Lippe (Chairman), Mrs. Irene Dorner, Mrs. Angelien Kemna and Mr. Ramon de Oliveira.

All members of the Audit Committee were deemed independent by the Board in accordance with the criteria contained in the Afep-Medef Code. In addition to assessing the independence, the Board of Directors reviewed the qualifications of all Audit Committee members in terms of their financial expertise and business experience and believes all members have the requisite expertise, experience and qualifications to fulfil their assignments as Audit Committee members.

Principal responsibilities

The scope of the Audit Committee's responsibilities is set out in its Terms of Reference, which are reviewed and approved each year by the Board of Directors.

The Audit Committee assists the oversight of the:

  • adequacy and effectiveness of internal control and risk management frameworks;
  • financial reporting process and the integrity of the publicly reported results and disclosures made in the financial statements; and
  • effectiveness, performance and independence of the internal and external auditors.

The Committee oversees the process for selecting the Statutory Auditors, making recommendations and controlling their appointment and replacement.

The Committee also examines the compliance with the risk appetite limits.

The Committee examines and issues an opinion on the documents prepared under the Solvency II regulations.