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The duties of the audit committee at Dutch public-interest entities (listed companies, banks and insurers) are extended, and new rules on expertise and independence are to be introduced.
The duties of the audit committee at Dutch public-interest
entities (listed companies, banks and insurers) are extended, and
new rules on expertise and independence are to be introduced. The
committee members must have collective expertise relevant to the
sector that the company is operating in. And instead of one
independent member, a majority of the members must be independent.
That majority must include the chairman, who is appointed by the
audit committee members or the supervisory board. A new task is
given to the audit committee: responsibility for the selection and
recommendation for the appointment of statutory auditors or audit
firms.
All these changes are set out in the consultation text of a new
Appointment of Audit Committees at Public-Interest Entities Decree.
The proposed decree is to implement the new EU Audit Directive. In
addition to the decree, the provisions of the EU Audit Regulation
will apply. The consultation period ends on 4 December 2015.
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