New Wave Group AB Annual_report_2018_EN_HQ | Page 45

NWG // CORPORATE GOVERNANCE
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Concept groups
Within each operational segment there are a number
of concept groups responsible for strategic direction,
product development and marketing strategy for one
or more brands.
Internal auditing
The Group has developed control and internal
control systems whose compliance is followed up by
the respective company management as well as by
the Group's central finance department. The Board’s
methods of monitoring the Group's assessment of the
internal control include contact with the company’s
auditors and the Audit Committee.
Auditor
At the AGM, the accounting firm Ernst & Young
AB was appointed as auditor. Nina Bergman is the
head auditor and among her other engagements are
Semcon, Precomp and Zenuity. Nina Bergman owns
no shares in New Wave Group.
Audit work
The Group applies International Financial
Reporting Standards (IFRS ) when preparing the
Group’s reports. The Group’s interim report for the
third quarter is the subject of a general review by the
company’s auditor. This review follows the recom-
mendations issued by FAR SRS , the organization
for authorized public accountants. The audit of the
annual report, consolidated financial statements,
the accounts and the administration of the Board
and CEO is conducted in accordance with generally
accepted auditing standards in Sweden.
After the auditors’ review in October, they prepare
an audit memo to the Board containing comments
about individual companies and the Group as a
whole. The auditors also present in person, a report
of their observations from the audit, their appraisal
of the Group’s internal control and the application
of accounting policies at one of the autumn Board
meetings. The Board thereby receives information
about internal control and compliance with rules,
control of financial reporting, estimates, assess-
ments and other matters that might influence the
quality of the financial reports.
Articles of association
The articles of association are adopted by the AGM
and contain fundamental facts about the company,
e.g. what kind of business the company will run, the
size of the share capital, the number of shares issued,
the size of the Board of Directors and the procedure
for convening the AGM. The company’s articles
of association state, among other things, that the
Board of Directors shall consist of at least three and
no more than seven members, that the Board has its
registered office in Gothenburg, and that a class A
share shall carry ten votes and a class B one vote. The
complete articles of association are available at the
New Wave Group website, www.nwg.se.
ANNUAL REPORT // 045