Do your NEDs who are not members of the Audit Committee routinely attend the committee meetings which deal with the full and half year results?
Do you circulate audit committee papers to all NEDs whether or not members of the committee, or just those who are members or invited specifically to attend?
Only the 3 NEDs who are members are invited and receive papers.
All 4 NEDs are on the AC. The Chair, and the three EDs also attend and receive papers. It saves duplicated time repeating the discussion at main board.
All Board members receive copies of the Audit papers including the Auditor’s report on the results but only our NEDs who are members of the Audit Committee attend the meeting. The Audit Chair then gives a detailed summary to the Board meeting that follows highlighting matters of significant risk,judgement and debate.
All our NEDs sit on the AC, so not an issue we face. Hypothetically, if not all sat on the AC, I think inviting all to attend for critical decisions / items is a good idea, saves time in subsequent Board meetings.
We only circulate audit committee papers to NEDs that are members of the committee. The Chairman, although not a member of the committee, attends the meeting and receives the papers.
All our NEDs are members of the Audit Committee, other than the Chairman. The Chairman attends all meetings of this Committee, as do all the executive directors. They all receive the papers.
do not attend but all Board members have access to the Audit Committee papers
Our Chairman is the only NED not on the Audit Committee. He does attend the half year and year end results Audit Committee meetings. He also receives packs for all meetings.
No, NEDs who are not members do not attend Audit Committee meetings. The Audit Committee Chair will give a detailed summary to the next Board meeting of the key matters that were discussed at the Audit Committee meeting, highlighting any matters of concern or areas which need to be brought to the attention of the Board. All Board members will receive a copy of the Audit Committee minutes which are formally noted at the next Board meeting. All NEDs have the opportunity of asking the Audit Committee Chair questions during the Board meeting and obviously have access to him outside of the meetings if there is any issue they wish to discuss. In this manner all NEDs are kept up-to-date on AC issues without AC meetings becoming unwieldy.
Yes all our NEDs attend the audit committee even though not all members and yes all NEDs receive the meeting papers.
Not an issue we encounter as all our NEDs are members of the committee.
Our non-member NED is routinely invited and attends these meetings. We circulate papers to all NEDs.