Board Committee

The Board currently has no remuneration committee, audit committee or any other committee. Instead, it is the Board’s view that the tasks that would otherwise be performed by the committees are for the time being better performed by the Board as a whole. The Board will continuously consider the need to establish committees.

Internal control over financial reporting within Novakand Pharma is designed to achieve a high level of reliability in external reporting. Within Novakand Pharma, internal control regarding financial reporting is, for example, aimed at ensuring efficient and reliable handling and reporting of purchases and sales, other revenue recognition and reporting of the company’s financing. The control environment within Novakand Pharma constitutes the framework for the direction and culture that the company’s board and management communicate to the organization. Internal governance and control in accordance with accepted frameworks is a priority area for the management. The company’s board and management define and design decision paths, powers and responsibilities that are clearly defined and communicated in the organization. The company’s Board also strives to ensure that governing documents such as internal policies and guidelines cover areas identified as significant and that these provide the right guidance in the work of various executives within the company.