discussions. The evaluation process led to a  short catalogue of ideas for minor changes  to the way the Supervisory Board works.  These ideas will be considered and imple- mented by the Supervisory Board as relevant,  and some of them have been incorporated  into the Supervisory Board’s meeting plan  and procedures for 2014. The Supervisory Board considers regularly  – and at least once a year – whether its  members’ expertise should be updated or  strengthened with respect to their duties.  In 2013, this was based on input from the  Nomination Committee as well as the board  evaluation process. Carlsberg provides a  detailed introduction programme to all new Supervisory Board members and holds relevant courses for all Supervisory  Board members. BOARD COMMITTEES The Audit Committee In 2013, the Audit Committee consisted of  four members of the Supervisory Board: Jess  Søderberg (Chairman), Flemming Besen- bacher, Richard Burrows and Donna Cordner.  Jess Søderberg, Richard Burrows and Donna  Cordner all qualify as being independent of  the Company and all possess the relevant  financial expertise.  The Audit Committee is appointed for one  year at a time. For 2014, Jess Søderberg,  Richard Burrows and Donna Cordner have  been appointed to the Committee, Jess  Søderberg as Chairman.  The Audit Committee works according to  Terms of Reference, which are reviewed and  approved annually by the Supervisory Board,  and a detailed annual meeting plan approved  by the Supervisory Board prior to the begin- ning of each financial year. The Supervisory  Board approved the current Terms of Refer- ence and the Audit Committee meeting plan  for 2013 at its meeting in December 2012 and  approved the 2014 meeting plan at its meet- ing in December 2013. The Terms of Refer- ence are available on the Company’s website. In 2013, the Audit Committee held five meet- ings. All members participated in four of  the meetings. At one meeting, one member  was absent. In accordance with its Terms  of Reference and annual meeting plan, the  Audit Committee has primarily carried out  the following work: a) Monitored the financial reporting process.  The presentations to the Audit Committee  and the Audit Committee’s discussions had  special focus on management judgements,  estimates, and changes in accounting  policies and procedures and the clarity of  disclosures. In addition, they focused on  compliance with accounting standards and  stock exchange and other legal require- ments related to financial reporting. The  Audit Committee also discussed the as- sumptions behind the Company’s full-year  profit expectations before all releases of  financial statements. In addition, the Audit  Committee reviewed the financial personnel  succession planning. b) Monitored the effectiveness of the internal  control and risk management systems.  This work included regular updates from  Group Finance with regard to Carlsberg’s  financial control framework. The Audit  Committee reviewed the Company’s  relevant policies in relation to internal  control and risk management systems  c) Monitored the internal audit function. The work included a review and approval  of internal audit plans and a review of the  internal audit function. The Audit Com- mittee was presented with several of the  tools used by Group Internal Audit in its  work, including tools to mitigate fraud risk  in the financial reporting process.  d) Monitored the external audit of financial  reporting and the independence of the  external audit. The work included discus- sions regarding audit planning and scope,  terms of engagement, audit fees and a  review at each meeting of the external  auditors’ work and findings.  In accordance with the Terms of Reference,  four of the Audit Committee meetings were  held prior to the approval and announce- ment of the external financial reporting.  In addition, and in accordance with the Terms  of Reference, all minutes and material were  made available to the Supervisory Board,  internal and external auditors and the Exe- cutive Board. The Audit Committee Chairman  also reported at each Supervisory Board  meeting on the key findings and conclusions  from the previous Audit Committee meeting. At each Audit Committee meeting, the  Audit Committee examines relevant issues  with the external auditors and the head of  Group Internal Audit, and the Committee  invites other relevant function heads from  the Carlsberg organisation depending on  the topics being discussed at the meeting.  The heads of Group Finance and Group Ac- counting are usually invited to participate in  the Audit Committee meetings. In 2013, the  Audit Committee held regular meetings with  the external auditors and Group Internal  Audit as well as with other relevant internal  function heads without the presence of the  Executive Board of the Company. The Nomination Committee In 2013, the Nomination Committee con- sisted of three members of the Supervisory  Board: Flemming Besenbacher (Chairman),  Jess Søderberg and Kees van der Graaf.  Jess Søderberg and Kees van der Graaf are  independent of the Company as defined in  the recommendations. The Committee held  three meetings in 2013 and all members at- tended all meetings. For 2014, Jess Søder- berg, Kees van der Graaf and Flemming  Besenbacher have all been reappointed to  the Committee and Flemming Besenbacher  is continuing as Chairman. The Nomination Committee works according  to Terms of Reference, which are reviewed  and approved annually by the Supervisory  Board. The Terms of Reference are avail- able on the Company’s website. In 2013, the  Committee’s work included recommendations  to the Supervisory Board with regard to the  and the financial reporting process and  received reports and presentations from  Group Finance about the effectiveness of  these systems as well as the scope, plans  and status for controls throughout the  year. The Audit Committee also reviewed  quarterly reports from Group Internal  Audit on risk management, including the  risk management process at Carlsberg  and the status of risks identified in the  strategic risk map and heat map. Finally,  the Audit Committee monitored the devel- opment and implementation of a global  expense policy. 40 Management review CORPORATE GOVERNANCE Carlsberg Group Annual Report 2013