The Board of Directors of The Pension Fund for Agricultural Academics and Veterinary Surgeons (PJD) has set up a separate Audit Committee pursuant to the audit legislation on public-interest entities.
The audit committee consists of the following board members:
- Søren Kaare-Andersen (Chairman of the audit committee)
- Henning Otte Hansen (deputy Chairman of the Board)
- Johannes Elbæk (Member of the Board)
According to the rules on audit committees, at least one member must be independent of PJD and possess audit or accounting qualifications.
The Audit Committee has no independent decision-making powers, but is exclusively a preparatory committee charged with reviewing and monitoring certain matters. Thus, the Audit Committee assists in preparing and qualifying matters for consideration by the entire Board of Directors. However the Audit Committee is responsible of approving non-audit services.
The Audit Committee meets at least four times per year and prepares an annual audit plan, which is submitted to the Board of Directors for approval. According to Danish law, the Audit Committee is responsible for monitoring and assessing whether PJD's financial reporting, internal control systems, risk management and statutory audit are planned appropriately, as well as assessing the auditors' independence, issuing recommendations on the appointment or re-appointment of auditors and reviewing and assessing PJD's operational risk reporting.
The Audit Committee reports regularly to the Board of Directors, ensuring that the Board receives adequate information about matters to be considered by the Board.