AAK Annual Report 2020

AAK Annual Report 2020 121 Information and communication To ensure the completeness and accuracy of its financial reporting, the Group has adopted guidelines for information and communication aimed at ensuring relevant and significant exchange of information within business operations, both within each unit and to and from management and the Board. Policies, handbooks and working practices relating to the financial process are communicated between the management and employees, and are available in electronic format and/ or printed format. The Board receives regular feedback on internal control from the Audit Committee. To ensure that external information is correct and com- plete, AAK has a communication policy adopted by the Board, which states what is to be communicated, by whom and in what way. Follow-up The effectiveness of the process for risk assessment and execution of control activities is followed up continuously. The follow-up covers both formal and informal procedures, which are used by those respon- sible at each level. The procedures include follow-up of results against budgets and plans, analyses and key figures. The Board receives monthly reports about the Group’s financial position and development. The Company’s financial situation is discussed at each Board meeting, and the management team analyzes the financial reporting at detailed level on a monthly basis. At Audit Committee meetings, the Committee follows up the financial reporting and receives reports from the auditors about their observations. Policy documents AAK has a number of policies for the operations of the Group and its employees. These include: Ethics policy Ethical guidelines for the Group have been drawn up with the aim of clarifying the Group’s fundamental approach to ethical issues, both within the Group and externally with regard to customers and suppliers. Finance policy The Group’s finance function works in accordance with instructions adopted by the Board, which provide a framework for how the Group’s operations shall be financed, and for how, for example, currency and interest risks are to be handled. Communication policy The Group’s communication policy is a document describing the Group’s general principles for the publi- cation of information. Environmental policy The Group’s environmental policy provides guidelines for environmental work within the Group.