Uster Technologies Ltd | Annual Report 2009 Uster Technologies ...

In 2009 the Audit Committee held the following meetings:Number of meetings: 2Average meeting time (hours): 1Attendance of Members of the Board of Directors (Meetings):Max-Ulrich Zellweger 2Beat E. Lüthi 2Harald Rönn 2The Audit Committee assists the Board of Directors in fulfilling its duties of supervision of the ExecutiveCommittee. It has the following powers and duties:• To review and assess the effectiveness of the statutory auditors, in particular their independence fromthe Company;• To review and assess the scope and plan of the audit, the examination process and the results of theaudit and to examine whether the recommendations issued by the auditors have been implemented;• To review the auditors’ reports and to discuss their contents with the auditors and with the ExecutiveCommittee;• To assess the risk assessment established by the Executive Committee and the proposed measures toreduce risks;• To assess the state of compliance with norms within the Company;• To review in cooperation with the auditors, the CEO and the CFO whether the accounting principles andthe financial control mechanism of the Company and its subsidiaries are appropriate in view of the sizeand complexity of the Group;• To review the annual and interim statutory and consolidated financial statements intended for publication.It should discuss these with the CEO, the CFO and with the head of the external audit;• The Audit Committee regularly reports to the Board of Directors on its findings and proposes appropriateactions.Corporate Governance 37