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 Sampo Group's financial statements as well as supervising and assessing the Group’s financial reporting process and supervising the preparation of Group’s Solvency II related reporting. It further monitors the profitability, capitalization 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 Sampo 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 fulfillment 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 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 Sampo plc and its related parties and it further reviews the reporting processes regarding the said transactions.
The Committee also evaluates the compliance with laws and regulations in Sampo 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 Committee comprises at least three members elected from among those Board members who do not hold executive positions in Sampo and are independent of the company and of which at least one is independent of Sampo's significant shareholders. The responsible Auditor, Group CEO, Group CFO, Group Chief Audit Executive, and Group Chief Risk Officer are also participating in the meetings of the Committee.
The Chair of the Audit Committee is Jannica Fagerholm, and the other members are Fiona Clutterbuck, Georg Ehrnrooth and Johanna Lamminen.