In accordance with the Luxembourg law on commercial companies, the company’s annual and consolidated accounts are certified by an external auditor appointed by the annual general meeting of shareholders. On 2 April 2015, and based upon a proposal from the Board, the shareholders re-elected PwC as the company’s external auditor for one year and approved its remuneration, with a majority of more than 99.52%. The mandate of PwC will expire at the annual general meeting on 7 April 2016.
The SES Internal Audit function provides assessments of the adequacy and effectiveness of risk management, internal control and corporate governance processes and monitors their continuous improvement in all relevant business entities of SES.
Under its charter the Internal Audit function has a direct reporting line into the Audit and Risk Committee and reports functionally to the President and CEO of SES.
The mission of the Internal Audit function is to evaluate risk exposures and provide independent and reasonable assurance regarding the effectiveness and efficiency of business operations, the reliability of financial reporting and operational information, the safeguarding of assets and the group’s compliance with legal and regulatory requirements, as well as the internal SES code of conduct. The Internal Audit function also assists management with regard to the identification, assessment and mitigation of risks.
The activities of the Internal Audit function are executed in accordance with an annual audit plan which is reviewed and approved by the Audit and Risk Committee. This annual plan is derived from an annual risk assessment based on a process mapping exercise. The risk assessment responds to the need to dynamically link the audit plan to risk and exposures that may affect the organisation’s ability to achieve its business objectives.
The Internal Audit function monitors the implementation of its internal control recommendations and regularly reports on effective compliance to the President and CEO of SES and to the Audit and Risk Committee.
The Internal Audit function regularly coordinates audit planning and exchanges relevant information with the group’s external auditors.
The Internal Audit function conforms to the standards and the code of ethics defined by the Institute of Internal Auditors (IIA).