All members of the Audit Committee were deemed independent by the Board in accordance with the criteria contained in the Afep-Medef Code. In addition to assessing the independence, the Board of Directors reviewed the qualifications of all Audit Committee members in terms of their financial expertise and business experience and believes all members have the requisite expertise, experience and qualifications to fulfil their assignments as Audit Committee members.
The scope of the Audit Committee's responsibilities is set out in its Terms of Reference, which are reviewed and approved each year by the Board of Directors.
The principal missions of the Committee are:
- to monitor the financial reporting process and the integrity of the publicly reported results and disclosures made in the financial statements;
- to monitor the adequacy and effectiveness of internal control and risk management frameworks and compliance with risk appetite limits;
- to form an opinion on the effectiveness, performance and independence of the Group's internal auditors;
- to consider the appointment and oversee the process for selecting Statutory Auditors, monitor the Statutory Auditors audits and review of the Group's consolidated financial statements, as well as the auditors' independence and the breakdown of their fees and review and make a recommendation to the Board as to the appointment of Statutory Auditors to provide non-audit services.
The Committee examines and issues an opinion on documents required by the Solvency II regulation.