Board Committees

Audit & Risk Committee:

The objective of the Audit & Risk Committee (ARC) is to assist the Board in effectively performing its duties of overseeing financial reporting, compliance, internal control, risk management, and internal and external audits. The committee also approves the appointment and removal of the person in charge of the Internal Audit and is responsible for selecting the external auditor.

The ARC monitors the effectiveness of internal controls, and shall, at least once a year:

• review the risk management framework to confirm its relevance and consistency,
• inform the Board about its findings and recommendations.

Finally, the Committee ensures that the Group is complying with the external laws and regulations and with its internal codes and policies, especially its Corporate Governance Manual and Code of Conduct. In that regard, the ARC is responsible for monitoring the implementation of the Related Party Transactions Policy.

Investment Committee:

The objective of this committee is to:

1. Develop the investment and financing strategy for the Group
2. Oversee investments and capital allocation
3. Develop and maintain the Group Investment Policy
4. Consider new specific investment decisions across the Group

Organization and Sustainability Committee:

The objective of this committee is to oversee Group policies in the areas of corporate governance, code of conduct, sustainability governance including environmental & social risks management, human capital and organisational developments.

Additionally, it replaces and incorporates all responsibilities of the Code of Conduct Compliance Committee and acts as the Group Safety Committee.

Finally, the Organization and Sustainability Committee is also responsible for succession planning. In that regard, the Committee defines the criteria to select the candidates, and also assess the performance of the Directors of the Board regularly.