The Compensation & Benefits Committee includes the following members:
Only members of the committee are entitled to attend committee meetings, although the committee may invite other Directors, managers and advisors to attend and frequently do so.
The duties of the Remuneration & Appointment Committee include:
The Audit Committee is a vital part of NADEC’s commitment to strong Corporate Governance, its members are:
The duties of the Audit Committee are of a preparatory nature and relate to:
The Audit Committee is the first contact point for the external auditor should the audit reveal irregularities in the Company’s financial reporting. Ernst & Young has been the external auditor for NADEC since 2008.
NADEC has a modern, professional Internal Audit department that review controls and activities established by the Company to manage the risks that it has identified to its business objectives. The Internal Audit Plan is aligned to the three key themes of Corporate Governance, Risk Management and Internal Control. The Chief Audit Executive provides an annual statement on the adequacy and effectiveness of the Company’s Corporate Governance, Risk Management and Internal Control processes. Deloitte has supported internal audit at NADEC since 2008.
The Chief Audit Executive reports directly to the Audit Committee and formally presents the results of the Annual Plan of internal control reviews four to six times a year, with a summary audit opinion for the year at the first Audit Committee for the preceding year in the January meeting. The Audit Committee fully discharge its responsibilities and in particular supervise the internal audit function in relation to the annual review of internal controls to ensure its effectiveness in executing activities and duties as specified by the Board. The Internal Audit Annual Report is reviewed by the Audit Committee and is made available to the Board of Directors following the first Audit Committee of each calendar year.