Committees

Remuneration committee

The Remuneration committee is responsible for addressing all issues relating to remuneration, such as salaries, variable salary components, warrants, pension benefits and other forms of compensation for group management.

Pandox has a Remuneration committee consisting of two members: Christian Ringnes and Jakob Iqbal. The Remuneration committee shall prepare matters concerning remuneration principles, remuneration and other employment terms for the CEO and the executive management.

Audit committee

The Audit committee is a standing working committee of the Board of Directors. The Board of Directors has formed an Audit committee consisting of Ann-Sofi Danielsson (chairman), Bengt Kjell and Jon Rasmus Aurdal.

The Audit committee shall, without it affecting the responsibilities and tasks of the Board of Directors, monitor Pandox’s financial reporting, monitor the efficiency of the Pandox’s internal controls, internal auditing and risk management, keep informed of the auditing of the annual report and the consolidated accounts, review and monitor the impartiality and independence of the auditors, pay close attention as to whether the auditors are providing other services besides audit services for Pandox, and assist in the preparation of proposals for the shareholders’ meeting’s decision on election of auditors.

Finance committee

Due to Covid-19 the Board of Directors established a Finance committee in 2020 consisting of board members Christian Ringnes, Bengt Kjell and Jon Rasmus Aurdal. Pandox’s executive management, such as the CEO and CFO, may attend the meetings, with a right to participate in discussions but not in decisions. The Finance committee discusses matters of particular significance for Pandox’s financial position, such as rent payments and the fulfilment of conditions in credit agreements. The committee shall, when it deems it appropriate to fulfill its tasks, prepare proposals for decisions on matters concerning the company's financial position, which shall be subject to final approval by the Board of Directors or the CEO.

Board of Directors has proposed to the Nominating committee that the need for a Finance committee is reviewed annually, and that if established the board members concerned are paid fees at the same level as for the Audit committee.