Millicom's Directors have established an Audit Committee that convenes at least four times a year and comprises a minimum of two directors. The Audit Committee comprises four directors: Ms. Johnson (Chair and financial expert), Mr. Churchill, Mr. Eliasson and Mr. Thompson.
This committee has responsibility for planning and reviewing the financial reporting process, the preparation of the annual and quarterly financial reports and accounts and the involvement of external auditors in that process.
The Audit Committee focuses particularly on compliance with legal requirements related to financial reporting, accounting standards, independence of external auditors, audit fees, the internal audit function, the fraud risk assessment, risk management, and ensuring that an effective system of internal financial controls is in place.
The ultimate responsibility for reviewing and approving Millicom's annual report and accounts remain with the Board.
The Audit Committee Charter is attached below:
Compliance and Business Conduct Committee
Millicom's Directors have established a Compliance and Business Conduct Committee that oversees and makes recommendations to the Board regarding Millicom’s compliance program and standards of business conduct.
This committee convenes at least four times per year and comprises a minimum of two directors. The members of the committee are Mr. Almeida (Chairman), Ms. Johnson, and Mr. Eliasson.
This committee focuses particularly on; monitoring the Company’s compliance program, including the activities performed by the Compliance team and their interaction with the rest of the organization; monitoring the results of investigations resulting from cases brought through the Company’s ethics line or otherwise; allocation of resources and personnel to the Compliance area; assessing the Company’s performance in the Compliance area; and ensuring that the Company maintains proper standards of business conduct.
The Compliance and Business Conduct Committee Charter is attached below:
The Compensation Committee reviews and makes recommendations to the Board of Directors regarding the compensation of the CEO and the other senior managers as well as management succession planning.
The Board of Directors, based on a proposal by the Compensation Committee, propose guidelines for remuneration to Senior Management to be approved by the shareholders at the Annual General Meeting.
The objective of the guidelines is to ensure that Millicom can attract, motivate and retain executives, within the context of Millicom’s international talent pool, which primarily consists of Telecom, Media and FMCG companies.
Millicom’s Compensation Committee is chaired by Ms. Erenbjerg. The two other members of the committee are Mr. Jarnheimer and Mr. Thompson.
The Compensation Committee Charter is attached below.