Audit Committee

Audit Committee

The Audit Committee is responsible for monitoring the statutory auditing and reporting process of the financial statements and consolidated financial statements and preparation of the Group’s non-financial reporting. The Audit Committee is further responsible for supervising the accuracy of Mandatum Group’s financial statements as well as supervising and assessing the Group’s financial reporting process and supervising the preparation of the Group’s Solvency II related reporting. It further monitors the profitability, capitalisation and liquidity of the Group companies.

The Committee also supervises the actions of the auditor under the laws of Finland and monitors and evaluates the auditor’s invoicing for audit and non-audit services as deemed appropriate. Furthermore, the Audit Committee is responsible for monitoring and evaluating the auditor’s and auditing firm’s independence and particularly their provision of related services to Mandatum Group, and for preparing proposals to the Annual General Meeting concerning the auditor’s election and its fee.

The Committee also monitors and assesses the efficiency of the Group’s internal control, internal audit and risk management systems, and supervises the Group’s risks and the quality and scope of risk management. In addition, the Committee approves internal audit’s annual action plan, monitors the fulfilment of risk policies, the use of limits and the development of profit in various business areas, supervises the preparation of and compliance with risk management policies and other guidelines within the scope of risk management and the Audit Committee's activities, and reviews the description of the main features of the internal control and risk management systems pertaining to the financial reporting process, which is included in the company’s Corporate Governance Statement. The Committee defines the general principles regarding monitoring and evaluating transactions concluded between Mandatum plc and its related parties and it further reviews the reporting processes regarding these transactions.

The Committee also evaluates the compliance with laws and regulations in Mandatum Group, monitors significant litigations of Group companies, supervises communication with the various regulatory authorities based on reporting addressed to the Committee and executes any other duties that may be bestowed upon it by the Board.

According to its charter, the Audit Committee comprises at least three members elected from among those Board members who do not hold executive positions in the company and are independent of the company and of which at least one is independent of the company’s significant shareholders. The responsible Auditor, Group CEO, Group CFO, Group Chief Audit Executive, Chief Compliance Officer and Group Chief Risk Officer also participate in the meetings of the Committee.

The Chair of the Audit Committee is Johanna Lamminen and the other members are Markus Aho and Jukka Ruuska.

1.10.2023