Hydro Annual Report 2011b

72
vIABIlItY perForMAnCe
Auditor’s Review Report on Hydro Viability Performance 2011
Auditor’s review report on Hydro viability performance 2011
To the readers of Hydro Viability Performance 2011:
Introduction
We have been engaged by Hydro´s Board of Directors to review the viability Performance presented on page 10-20 and 49-80
in Hydro´s Annual Report 2011 and on Hydro´s website www.hydro.com/reporting2011 under the heading viability Performance.
The Board of Directors and Corporate Management Board are responsible for ongoing CSR activities, and for the preparation
and presentation of the viability Performance in accordance with the applicable criteria. Our responsibility is to express a
conclusion on the viability Performance based on our review.
Scope of review
We have performed our review in accordance with ISAE 3000 “Assurance Engagements other than Audits or Reviews of Historical
financial Information” issued by the International Auditing and Assurance Standards Board as well as AA1000 Assurance
Standard (2008), type 2, as issued by AccountAbility. A review consists of making inquiries, primarily of persons responsible for
different sustainability matters and for preparing the viability Performance, and applying analytical and other review procedures.
A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and generally
accepted auditing standards in Norway. The procedures performed in a review consequently do not enable us to obtain an
assurance that would make us aware of all significant matters that might be identified in an audit. Accordingly, we do not express
an audit opinion.
Our assurance does not comprise the assumptions used by Hydro or whether or not it is possible for Hydro to reach certain
future targets described in the report (e.g. goals, expectations and ambitions).
The criteria on which our review is based are the sections of the “Sustainability Reporting Guidelines, G3” published by the
Global Reporting Initiative (GRI), which are applicable to the viability Performance. We consider these criteria suitable for the
preparation of the viability Performance.
IfAC require us to act in accordance with IfAC Code of Ethics for Professional Accountants. In accordance with AA1000AS (2008),
we confirm that we are independent of Hydro. Our review has been performed by a multidisciplinary team specialized in reviewing
economic, environmental and social issues in sustainability reports, and with experience from the industry Hydro operates within.
Our review has, based on an assessment of materiality and risk, among other things included the following main procedures:
• An update of our knowledge and understanding of Hydro´s organization and activities.
• An assessment of the suitability and application of certain criteria in respect to the information provided to stakeholders.
• Interviews with responsible management, at different levels within the Group, with the aim of assessing whether the
qualitative and quantitative information stated in the viability Performance is complete, correct and sufficient.
• Reading of internal documents to assess whether the information stated in the Viability Performance is complete, correct
and sufficient.
• An evaluation of routines implemented for the collection and reporting of information and data.
• An analytical review of reported information.
• A review of underlying documentation, on a test basis, to assess whether the information and data in the Viability
Performance is accurate.
• Pre-announced visits to Hydro facilities located in France, Norway, and Slovakia.
• A review of qualitative information and statements in the Viability Performance.
1) A review provides a limited level of assurance which is deemed as being equal to a moderate level of assurance as defined by AA1000AS.