Compensation Committee

The Board of Directors has established a compensation committee composed of Board Members. The primary purpose of the compensation committee is to assist and facilitate the decision making of the Board of Directors in matters relating to the remuneration of the executive management of the Group, reviewing recruitment policies, career planning and management development plans, and prepare matters relating to other material employment issues in respect of the executive management.

The compensation committee reports and makes recommendations to the Board of Directors, but the Board of Directors retains responsibility for implementing such recommendations.

Audit Committee

The Board of Directors has established an audit committee composed of three members. The primary purpose of the audit committee is to assist the board of directors in discharging its duties relating to the safeguarding of assets, the operation of adequate system and internal controls, the control processes and the preparation of accurate financial reporting and statements in compliance with applicable legal requirements, corporate governance and accounting standards. The audit committee shall also provide support to the Board of Directors on the risk profile and risk management of the Group.

The audit committee reports and makes recommendations to the Board, but the Board of Directors retains responsibility for implementing such recommendations.

Corporate Governance Committee

The Board of Directors has established a corporate governance committee composed of three board members. The primary purpose of the corporate governance committee is to monitor Circio’s compliance with the Norwegian Corporate Governance Code (14 October 2021). The corporate governance committee reports and makes recommendations to the Board of Directors, but the Board of Directors retains the responsibility for implementing such recommendations.

Committees