Committees

Nomination committee
In view of the main shareholders of the Company controlling a majority of the shares, it is the current view of the Board of Directors not to appoint a Nomination committee.

Audit committee
Board of Directors holds responsibility that proper guidelines and internal control processes are instituted and operated. The Company’s risk management, financial reporting and internal control procedures are reviewed by the Audit committee in accordance with its charter. The operational risk management, financial reporting and internal control is carried out within each business segment in accordance with the nature of the operations and the government legislation in the relevant jurisdiction.

In addition, the Company carries out internal audits related to specific projects and to the ongoing business. Risk management related to foreign exchange, interest rate management and short-term investments is handled by the parent company on behalf of the subsidiaries, in accordance with established authorizations, policies and procedures. The Company receives reports on the financial development of each business segment and subsidiary on a monthly basis. The Audit committee will raise issues to the overall Board if deemed necessary.

Compensation committee
The Board of Directors has appointed a Compensation committee comprising four Directors, including the Chairman of the Board. The Compensation committee discusses and recommends to the Board of Directors salary and benefits for the Chief Executive Officer and senior management, as well as the management incentive schemes for the Group. The compensation to the Chief Executive Officer comprises salary, pension scheme, company car and performance bonus.