Carbios’ Board of Directors decided to create an independent Audit Committee with its own specific areas of responsibility.
The Company referred to the “Report of the Working Group on Audit Committees” of the AMF working group of 22 July 2010 in defining the characteristics of this Committee.
In accordance with article L.823-19 of the French commercial code, the Audit Committee is responsible in particular for monitoring:
- the process for producing financial information;
- the efficiency and effectiveness of internal control and risk management systems;
- the statutory audit of the annual and consolidated financial statements by the statutory auditors; and
- the independence of the statutory auditors.
In addition, the Committee issues a recommendation on statutory auditors proposed for appointment to the Shareholders’ Meeting. It reports regularly to the Board of Directors on its tasks and informs the Board immediately of any issues or concerns.
The Committee can at any time discuss any significant financial or accounting question related to its areas of responsability and provide its opinions or recommendations to the Board.
The Board may also entrust the Committee with any other assignments it deems appropriate.
Pursuant to article L.823-19 of the French commercial code, it is up to the Board to establish the Committee’s composition. Nevertheless, the Committee must be made up exclusively of Board members who do not have management responsibilities in the Company.
Composition of the Audit Committee:
Jacques Breuil is Chairman of the Company’s Audit Committee
Alain Chevallier and the company ZDG Consulting, represented by Jose Da Gloria are members of the Company’s Audit Committee
In accordance with the applicable legal requirements, these directors have specific financial or accounting expertise.