Since 8 January 2009, listed companies are legally obliged to establish an audit committee within their statutory management body. The law transposes the provisions of the European Directive 2006/46/EC.
The audit committee has to be composed of only non-executive members of which at least one member must be independent. This independent member of the audit committee has to have the necessary expertise in the field of accounting and audit and has to fulfill the independence criteria the law sets out.
These independence criteria will also be applicable to independent directors who are member of the committee entrusted with the assessment of intra-group transactions.