Supervisory Board report continued
Overview
Business review
Governance
Financials
Investors
Ahold Delhaize Annual Report 2016
Audit, Finance and Risk Committee
The Audit, Finance and Risk Committee
(previously the Audit Committee) assists the
Supervisory Board in its responsibility to
oversee Ahold Delhaize’s financing, financial
statements, financial reporting process
and system of internal business controls
and risk management. The Chief Executive
Officer, Chief Financial Officer, Chief Legal
Officer, Senior Vice President Internal Audit,
Senior Vice President Accounting, Reporting,
Risk Controls and representatives of the
external auditor are invited to, and attend,
the Audit, Finance and Risk Committee
meetings. Other members of senior staff and
the external auditor are invited when the
Audit, Finance and Risk Committee deems it
necessary or appropriate.
In 2016, the Audit, Finance and Risk Committee
held five meetings in person. Throughout the
year, the Audit, Finance and Risk Committee
closely monitored the financial closing
process and reviewed the publication of
quarterly results. Updates on internal controls
were provided during all Audit, Finance
and Risk Committee meetings. The Audit,
Finance and Risk Committee was informed
regularly on compliance and reviewed and
received regular updates on the Company’s
whistleblower programs.
The Audit, Finance and Risk Committee
determines how the external auditor should
be involved in the content and publication
of financial reports other than the financial
statements. The Management Board and
the Audit, Finance and Risk Committee
report to the Supervisory Board annually
on their dealings with the external auditor,
including the auditor’s independence.
The Supervisory Board takes these reports into
account when deciding on the nomination
for the appointment of an external auditor
that is submitted to the General Meeting
of Shareholders.
The Audit, Finance and Risk Committee
was closely involved in the evaluation of
Ahold’s external auditor, in accordance
with provision V.2.3 of the Dutch Corporate
Governance Code.
The Audit, Finance and Risk Committee further
discussed items including:
Quarterly interim reports
Ahold’s 2015 Annual Report including the
financial statements
Review and approval of the internal
audit plan
Review of and discussions on the findings
in the internal audit letter and the
management letter of the external auditor
The Company’s finance structure
Treasury
Tax
Pensions
Guarantees
Insurance
Appointment of the external auditor
Code of Conduct and Guide for Ethical
Business Conduct
The Supervisory Board has determined that
Stephanie Shern, René Hooft Graafland,
Jack Stahl and Patrick De Maeseneire
are “Audit Committee Financial Experts”
within the meaning of the Dutch Corporate
Governance Code.
The Audit, Finance and Risk Committee and
the Chairman of the Audit, Finance and
Risk Committee also held private individual
meetings with the Chief Financial Officer,
Senior Vice President Internal Audit and
external auditor.
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