Grønlandsbanken is not subject to regulations included in the Danish ”Executive order on audit committees in companies and groups subject to supervision by the Danish Financial Supervisory Authority” because the order is not legally binding in Greenland. However, The BANK of Greenland has chosen to set up an audit committee and a risk committee all the same; for the time being both committees consists of the entire Board of Directors.
The Board of Directors’ CV shows which members are independent and which members, based on the bank’s size and complexity, the Board of Directors has assessed as “qualified”, thus fulfilling the requirements of training and commercial experience, cf. the Danish ”Executive order on audit committees in companies and groups subject to supervision by the Danish Financial Supervisory Authority” which is legally binding in Denmark.
