The Board’s work is supported by its Committees – the Audit and Compensation Committees. Each Committee’s Chairman and members are appointed by the Board annually.
Audit Committee
The powers and duties of the Audit Committee are determined in the Audit Committee Charter, which is approved by the Board. The Audit Committee is responsible for monitoring the Group’s internal control system and financial reporting process.
To this effect, the Audit Committee is in regular contact with the external auditor to ensure that observations made by the auditor are adhered to. Deloitte hf. was elected the Group’s auditor at the AGM on 14 March 2008.
Compensation Committee
The powers and duties of the Compensation Committee are determined in the Compensation Committee Charter, which is approved by the Board. The Compensation Committee discharges the Board’s responsibility in matters relating to executive compensation. This work includes administration of the Group’s incentive compensation and equity-based plans. Executive performance and compensation is evaluated annually.
Further information on the Board committees can be found in the Group’s Annual Report 2008.