Audit Committee
The Board of Directors set up an Audit Committee to assist in fulfilling its supervising responsibilities relating to the financial reporting process, the system of internal control, the internal and external audit process, and Innogenetics’ process for monitoring compliance with laws and regulations. The Audit Committee is composed of four members (three independent Directors and the Chairman of the Board): Jos Peeters as Chairman, Werner Cautreels, Peter Verhaeghe, and Peter Read. The Chief Executive Officer, the External Auditor, the Chief Financial Officer (for clarification of the financial statements per quarter), and the Statutory Auditor (for the review of the annual financial statements) are invited to attend the Audit Committee meetings. During 2007, the Audit Committee met four times.
The Audit Committee is a collegial body, and deliberates and takes decisions as such. Based on this consideration, the Company decided not to reveal the individual attendance at the Audit Committee meetings as provided in the Belgian Code on Corporate Governance. The attendance at the Audit Committee meetings, as presented below, guarantees decision taking in compliance with the Articles of Association and in the interest of the Company.
As indicated above, the Audit Committee met four times. The overall attendance rate was 95%.