Our Cambodian business delivered strong performance in 2013 driven by market growth and effective activation of our local power brand Angkor Beer. Specification of Competencies required for  the Supervisory Board, including recommend- ed adjustments to the Company’s objectives  for diversity at relevant management levels.  The Committee also considered succession  planning at Executive Committee, Executive  Board and Supervisory Board level and consid- ered the outcome of the Board evaluation and  made recommendations to the Board. Finally,  the Nomination Committee advised and made  recommendations to the Supervisory Board  with regard to candidates for the Supervisory  Board and Executive Board, if relevant.  At the recommendation of the Nomination  Committee, one new candidate was recom- mended by the Supervisory Board to the  Annual General Meeting in March 2013 as a new member of the board. The Supervisory Board appoints the CEO  and other members of the Executive Board.  Led by the CEO, the Executive Board is  responsible for the preparation and imple- mentation of strategic plans.  The Remuneration Committee is described  as part of the Remuneration report on pages  43-48. The Executive Board consists of two persons:  Jørgen Buhl Rasmussen, President & CEO,  and Jørn P. Jensen, CFO & Deputy CEO. The members of the Executive Board are not members of the Supervisory Board but  do attend Supervisory Board meetings. The Company has a number of policies  and procedures in key areas of financial  The Supervisory Board and the Executive  Board have overall responsibility for the  Group’s control environment. The Audit Com- mittee appointed by the Supervisory Board is  responsible for monitoring the internal control  and risk management systems related to the  financial reporting process on an ongoing basis.  The auditor reports any significant findings  regarding accounting matters and any signifi- cant internal control deficiencies to the Su- pervisory Board via the Audit Committee and  through its written long-form audit reports  to the Supervisory Board, which are issued  at least twice a year. The auditor takes part  in all Audit Committee meetings and at least  the Supervisory Board meeting at which the  Annual Report is discussed and approved.  To safeguard the interests of shareholders  and the general public, an independent  auditor is appointed at the Annual General  Meeting following a recommendation from  the Supervisory Board based on a proposal  from the Audit Committee. Before making its  recommendation, the Supervisory Board un- dertakes a critical evaluation of the auditor’s  independence, competence etc.  The Company also has a wider Executive  Committee, which consists of eight individu- als in addition to the two Executive Board  members. The composition of the Executive  Committee can be seen on page 49. reporting, including the Finance Manual, the  Controller Manual, the Chart of Authority,  the Risk Management Policy, the Treasury  Policy, the Information Security Policy and  the Business Ethics Policy. The policies and  procedures apply to all subsidiaries, and  similar requirements are set out in collabor- ation with the partners of the joint ventures.  The internal control and risk management  systems are designed to mitigate rather  than eliminate the risks identified in the  financial reporting process. Internal controls  related to the financial reporting process are  established to mitigate, detect and correct  material misstatements in the consolidated  financial statements. The monitoring of risk and internal controls  in relation to the financial reporting process  are anchored by the reporting of the matur- ity level of the control environment using  Carlsberg’s financial control framework. The risk assessment process related to the  risk in relation to the financial reporting  process is assessed annually and approved  by the Audit Committee. The risk related to each accounting process  and account in the consolidated financial state- ments is assessed based on quantitative and  qualitative factors. The associated financial re- porting risks are identified based on the evalu- ation of the impact of the risks materialising  and the likelihood of the risks materialising.  The identified areas are divided into accounts  with high, medium or low risk. High-risk  areas are accounts that include significant  accounting estimates, including goodwill  41 Management review CORPORATE GOVERNANCE Risk assessment INTERNAL CONTROL AND RISK  MANAGEMENT RELATED TO THE  FINANCIAL REPORTING PROCESS Overall control environment AUDITING The Remuneration Committee THE EXECUTIVE BOARD Carlsberg Group Annual Report 2013