In accordance with Article 526bis of the Companies Code and Article 27 of the Banking Law(1) , the Audit Committee is composed of non-executive directors, among whom at least one independent director, including the committee chairman, meet the criteria set out by Article 526ter of the Companies Code.
The members of this committee have collective skills in the fields of activity of the Dexia Group and accounting and audit, and at least one member is skilled in audit and/or accounting.
The Audit Committee is composed of:
Mrs. Alexandra Serizay, Chairman;
Mr. Bart Bronselaer;
Mr. Thierry Francq;
Mr. Michel Tison.
The Audit Committee is responsible for monitoring the accounts, and the financial information process.
It examines the Dexia Group’s draft annual, half-year and quarterly statutory and consolidated financial statements, which must then be presented, approved and published by the Board of Directors. It examines all matters relating to those accounts and to the financial statements and in particular, from the documents submitted to it, the conditions for their preparation, the choice of accounting principles, the impairments, the observance of prudential standards, the relevance and permanence of the accounting principles and methods applied and the adequacy of the consolidation scope adopted. The Audit Committee also ensures the adequacy of the external audit for the Group’s requirements as monitors the efficiency of the internal audit and risk management systems.
The Audit Committee meets at least twice per year. Each meeting must take place before the meeting of the Board of Directors which analyses and if necessary approves the quarterly, half-yearly and annual accounts, as the case may be. It may meet at any time on the request of one of its members. The Audit Committee’s remit and operations are described in the Board of Directors’ internal rules. The Audit Committee may if necessary ask for assistance from an internal or external expert. Moreover, in order to improve the reading of files by directors in the company’s interest, the Board of Directors invites all the members of the Board of Dexia Crédit Local to attend meetings of the Audit Committee.