Audit and Compliance Committee

The Audit and Compliance Committee is a drafting committee for the Board. The Committee’s main task is to provide the Board with increased access to information on operations through its work and in consultation with the outside auditor, the Head of Internal Audit and the Group Executive Committee. The focus is on whether internal control and governance processes are sufficient and monitoring the effectiveness of Swedbank’s internal audit. The information also comprises financial reporting, including the quality of the financial reports and that they are prepared in accordance with current laws, applicable accounting standards and other requirements for listed companies. In the area of compliance, the information includes activities within Swedbank and whether they comply with external laws and regulations as well as internal policies and instructions. The focus is primarily on identifying any deficiencies in routines and organisation in terms of governance, risk management and control. The Audit and Compliance Committee also reviews the Auditors’ work to ensure that it has been conducted efficiently and in an otherwise satisfactory manner. Based on its review, the Committee proposes measures that are voted on by the Board where deemed necessary.

The Audit and Compliance Committee consists of not more than four Board members. The Head of Internal Audit is a co-opted member of the Committee. When selecting the members of the Committee, special consideration is given to competence and experience in the accounting field. Two members have specific accounting expertise through previous experience.