Responsibility and object of the Board
The Board is responsible for ensuring the company has sound internal control and risk management systems.
The Board periodically receives reports which include operational, economic and financial status, as well as management’s evaluation of significant risks and its own management of them. The Board’s annual plan includes an annual review of the company’s risk areas, internal control systems, values and ethical guidelines. The main components of the company’s risk areas and internal control systems associated with financial reporting are discussed separately in the annual report.
The auditor reviews BWG Homes’ internal control with the Board of directors. The review includes discussion of identifiable weaknesses and suggestions for improvement. See also note 18 “Financial risks”.
The subsidiaries Block Watne AS and BWG Homes AB have implemented authorisation and attestation instructions with rules for entering into agreements and approving payments. All employees have clear guidelines on the extent of their own authority and where the next level for decisions or approvals lies. The CEO has operative responsibility for following up these guidelines.
The planning, management, implementation and evaluation of construction processes and projects are integrated into BWG Homes’ business operations. Construction projects are systematically reported to the company’s management.