Compagnie des Alpes - 2017 Registration Document

3 CORPORATE GOVERNANCE

Internal control and risk management procedures

3.5.4 OVERSIGHT Internal Audit The Internal Audit function reports to the Compagnie des Alpes Executive Management. Every year, the audit plan is approved by the Executive Committee and validated by the Audit and Finance Committee. An annual activity report is also presented to the Executive Committee and the Audit and Finance Committee. Internal Audit is tasked with ensuring that internal rules and procedures are respected, checking their efficiency, identifying weaknesses and detecting fraud. Internal audit work is carried out in accordance with the Compagnie des Alpes Group’s Internal Audit Charter. This charter describes the purposes and objectives of Internal Audit, the procedures for carrying out inspections, and the obligations of auditors and those being audited.

Internal Audit regularly calls on internal or external expertise when the issue at hand is of a highly technical nature. The Audit Department conducts an annual review of the recommendations made to the various entities. These conclusions are then presented to the Executive Committee, and to the Audit and Finance Committee. Missions not provided for in the audit plan may be carried out at the request of the Chairman and Chief Executive Officer or the Audit and Finance Committee. The Board of Directors The Board of Directors sets the Company’s business policies and oversees management. It is supported by three specialised Committees, whose roles are described in this chapter (2.2.).

3.5.5 CHANGES TO INTERNAL CONTROL AND RISK MANAGEMENT PROCEDURES IN 2016/2017 Changes to internal control procedures The formalisation of the internal control procedures continued in 2016/2017.

60

Compagnie des Alpes I 2017 Registration Document