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2020

Annual report

Auditor

The Board of Directors is responsible for ensuring that the board and the Audit Committee is provided with sufficient insight into the work of the auditor. In this regard, the Board of Directors ensures that the auditor submits the main features of the plan for the audit of the Company to the Audit Committee annually.

The Company’s auditor – PricewaterhouseCoopers AS (PwC) – attends all Board Audit Committee meetings and is always present when the annual accounts are dealt with. At these meetings, the auditor (i) reports on any material changes in the Company’s accounting principles and key aspects of the audit, (ii) comments on any material estimated accounting figures, and (iii) reports all material matters on which there has been disagreement between the auditor and the executive management of the Company. There were no disagreements between management and PwC during 2020. Once a year, the Board of Directors reviews the Company’s internal control procedures with the auditor, including weaknesses identified by the auditor and proposals for improvement.

It is important to the board that the auditor is independent of management. The board therefore has at least one meeting with PwC without senior management being present.

To ensure the auditor’s independence of the Company’s executive management, the Board of Directors has established guidelines regarding the use of the auditor by the management for services other than the audit. The auditor provides the board with confirmation of independence in relation to non-audit services provided.

For the financial year 2020, Bjørn Lund was the Company’s engagement partner from PwC.

Deviations from the Code: None