Audit Committee
Pursuant to the Rules, the Audit Committee makes recommendations to the Board of Directors on the appointment of auditors and the determination of their remuneration, as well as the approval of the annual financial statements and the interim accounts, discusses with the auditors their audit programme and the results of their audit of the accounts and monitors the adequacy of the Group’s internal controls, accounting policies and financial reporting. The Audit Committee has responsibility for ensuring that the internal and external audit activities are correctly directed and that the audit matters are given due importance at meetings of the Board of Directors. The rules and responsibilities of the Audit Committee have been set out in more detail in the Audit Committee Charter.
The Audit Committee reviews the quarterly, half and full year accounts on the basis of the documents distributed in advance and its discussions with the auditors. The Head of Accounting and the Chief Financial Officer are requested to attend meetings of the Audit Committee to answer any questions.
During 2008, the Audit Committee was chaired by Hermann-Josef Lamberti, and also included Dominique D’Hinnin, Sir John Parker and Bodo Uebber as members. Following Mr Uebber’s appointment as Chairman of EADS on 14 April 2009, the Audit Committee is currently chaired by Hermann-Josef Lamberti, and also includes Rolf Bartke, Dominique D’Hinnin and Sir John Parker as members.
The Chairman and the Chief Executive Officer are invited to participate in each meeting of the Committee.
The Audit Committee meets four times a year, or more frequently according to need. It met five times during 2008, with a 75% average attendance rate, to review the 2007 results as well as the first half-year results for 2008 of the Company, the quarterly financial reviews, and topics such as enterprise risk management (ERM) and compliance.
Members
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Hermann-Josef Lamberti (Chairman)
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Rolf Bartke
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Dominique D'Hinnin
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Sir John Parker
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