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Scandic Ferrum, Kiruna, Sweden

Internal control

The Board of Directors and the CEO are ultimately responsible for ensuring that internal control mechanisms are developed, communicated to and understood by the employees of Scandic carrying out internal control, and that such control measures are monitored, implemented, updated and maintained

Executives at all levels are responsible for ensuring that internal control mechanisms are established in their respective areas and that they lead to the desired results.

Procedures for internal control, risk assessment, control activities and monitoring regarding financial reporting have been designed to ensure reliable overall financial reporting and external financial reporting in accordance with IFRS, applicable laws and regulations. This process involves the Board, senior executives and other staff.

The Board’s monitoring and ensuring the quality of internal control is documented in the adopted Rules of Procedure for the Board and instructions for the Audit Committee. One of the responsibilities of the Audit Committee is to evaluate the company’s structure and internal control guidelines.