Audit Committee

Spar Nord Bank’s Board of Directors has set up an Audit Committee, whose most important task is to 1) notify the Board of Directors about the result of the statutory audit, including the specifics of the financial reporting process, 2) monitor the financial reporting process and make recommendations or proposals to ensure integrity, 3) monitor whether the Bank’s internal control system, internal audit and risk management systems function effectively with respect to financial reporting, 4) monitor the statutory audit of the financial statements, etc., taking into consideration the result of the most recent quality assessment, 5) check and monitor the auditors’ disinterest and independence and approve the auditors’ supply of services other than auditing; and 6) be responsible for the procedure for selecting and recommending the auditors to be appointed.

Audit Committee meetings Number of meetings (2021) Attendance
Chairman Per Nikolaj Bukh
Dependent
Special skills in accounting and auditing
6 6
Morten Bach Gaardboe
Independent
Special skills in accounting and auditing
6 6
Kim Østergaard
Dependent
Special skills in accounting and auditing
4 4
John Sørensen
Independent
Special skills in accounting and auditing
2 2

Risk Committee

The Risk Committee is composed of Kaj Christiansen (Chairman), Kjeld Johannesen and Henrik Sjøgreen. The Committee meets at least three times a year to review risk-related matters. The Committee is tasked with advising the Board of Directors about the Bank’s overall risk profile and ongoing risk management activities, including assisting the Board of Directors in overseeing that the adopted risk strategy is correctly implemented throughout the organization. The Committee’s work also includes assessing the capital needs and the capital policy, as well as products, remuneration structure, risk models, etc.

Audit Committee meetings Number of meetings (2021) Attendance
Chairman Kaj Christiansen
Independent
5 5
Kjeld Johannesen
Independent
5 5
Henrik Sjøgreen
Independent
5 5

Nomination and Remuneration Committee

The Nomination and Remuneration Committee is composed of Kjeld Johannesen (Chairman), Per Nikolaj Bukh and Jannie Skovsen. The Committee typically meets three times a year to review remuneration matters and the process in connection with evaluation of the Board of Directors, nomination of members to the Board of Directors, etc.

Nomination and Remuneration Meetings Number of meetings (2021) Attendance
Kjeld Johannesen
Independent
5 5
Per Nikolaj Bukh
Independent
5 5
Jannie Skovsen
Dependent
5 5