Communication and Control Activities

Prior to each ordinary meeting, the Board receives financial statements. The financial situations of the parent company and Group are addressed as a separate item at each ordinary Board meeting. When a significant risk is identified measures are taken to eliminate the risk or reduce it to an acceptable level.

Manuals, guidelines and policy documents that are significant for financial reporting are updated continuously and distributed to those concerned. To ensure that external information is correct, the company’s Board has adopted an information policy.

Financial reporting for all subsidiaries is handled by the company’s finance department. During the financial year the Board changed the organization of the company’s accounting function. To create a clearer structure in financial reporting for the company’s various businesses, the subsidiaries now report directly to the accounting department in the parent company. Impairment tests and issues relating to percentage of completion accounting have formed part of the Board’s control activities. During the financial year a new IT system was installed in the company with the aim of further strengthening the documentation, information and follow-up of financial reporting.