Composition, Organisation and Operation

The objective of the Rubis Audit Committee is to assist the Supervisory Board in its task of ongoing supervision of Company management as well as to assist the Chair of the Supervisory Board in the preparation of his/her report on internal control and risk management procedures implemented by the Company. Its structure, operation and tasks are specified by an operational charter that was adopted by the Supervisory Board of 11th March 2008.

It comprises 4 members of the Supervisory Board: Mr Olivier Heckenroth, as Chair, Messrs Hervé Joubeaud, Erik Pointillart and Nils Christian Bergene. Three of its members (Messrs Heckenroth, Pointillart and Bergene) are considered independent, with respect to the above-mentioned criteria, and all have expertise in accounting and financial matters through their positions within banking institutions or in management within commercial companies.

The main functions of the Committee are::

• To examine the accounts, ensure the continuity of accounting methods and the quality, exhaustiveness and genuineness of financial statements;
• To become acquainted with the organisation of internal control procedures in matters of accounting, finance and risk exposure;
• To make recommendations to the Supervisory Board relating to the selection of Statutory Auditors and to assist the Supervisory Board in its examination of adherence to the rules that guarantee the independence and objectivity of the Statutory Auditors selected..

Members of the Audit Committee have access to the same summary documents as the Statutory Auditors.
The Audit Committee has met at least twice a year since its inception.