The Board of Directors’ responsibility for the internal control is governed primarily by the Companies Act, the Swedish Annual Reports Act (1995:1554) and the Code.
Information regarding the most important aspects of Munters’ system for internal control and risk management in connection with financial reporting must each year be included in Munters’ corporate governance report.
The procedures for internal control, risk assessment, control activities, and monitoring with respect to the financial reporting have been designed to ensure reliable overall financial reporting and external financial reporting in accordance with IFRS, applicable laws and regulations as well as other requirements, which may apply to companies listed on Nasdaq Stockholm.
This work involves the Board of Directors, Munters’ management and other personnel. The procedures for internal control also aim at promoting Munters’ development and profitability, securing the company’s assets and preventing and detecting any fraud or error.
Risk management is an important part of the internal control. The Board of Directors is ultimately responsible for risk management in the Munters Group. It is Group management’s responsibility to identify, evaluate and manage risks and to report to the Board of Directors.
Munters performs a group wide risk assessment on a yearly basis, and it is the responsibility of the Group VP Corporate Social Responsibility that the annual risk assessment is carried out in accordance with the Group’s established policy on risk management.
The Board of Directors has the final responsibility for all decisions regarding compliance within Munters. Each year, they review and approve policies regarding internal control. If required, such review and approval takes place more frequently.
The Audit Committee fulfils the requirement in respect of accounting or auditing competence as set forth in the Companies Act. The Audit Committee has three members: Helen Fasth Gillstedt (Chairman), Andreas Näsvik and Lena Olving. Read more about the Audit Committee here.