Audit committee
The members of the Audit committee of Bulgarian Energy Holding EAD are elected by the Minister of Energy in his capacity of representative of the state as the sole owner of the capital of Bulgarian Energy Holding EAD on the grounds of art.107, para.1 and para.2 of the Independent Financial Audit Act, art.219, para.2, art.221 item 11 of the Commerce Act in connection with art.15, para.1 and para.3 of the Public Enterprises Act and art. 26, para.1 item 3 of the Regulation for the implementation of the Public Enterprises Act.
By Protocol No: Е-РД-21-5 dated 02.02.2024, issued by the Minister of Energy, the following members of the Audit Committee of Bulgarian Energy Holding EAD were re-elected for a term of three years:
- Mrs. Magdalena Georgieva Lateva - Chairperson;
- Mrs. Vanya Doneva Georgieva – Member;
and by Protocol No: Е-РД-21-23 dated 08.08.2024
- Mr. Viktor Andreev Videnov - Member, with the mandate of the other members - 02.02.2027
The committee has the following powers:
- Monitors the financial reporting process in Bulgarian Energy Holding EAD and provides recommendations and proposals to ensure its effectiveness;
- Reviews the annual and interim financial statements of the Holding;
- Monitors the effectiveness of the internal control system, the risk management system and the activity of internal audit in relation to the financial reporting of Bulgarian Energy Holding EAD;
- Expresses an opinion and when necessary, provides recommendations regarding the Statute and the size of the internal audit department as well as the strategic and annual plans;
- Reviews and acknowledges the report on the state of financial management and control systems as well as the annual report on the internal audit activity;
- Reviews and when necessary, provides opinions on audit reports for completed assignments and on all significant matters related to internal audit;
- Monitors the risk management processes and provides opinions and recommendations for their improvement;
- Supervises the implementation of the mandatory financial audit in Bulgarian Energy Holding EAD, including audit strategy and planning;
- Facilitates the interaction between the Holding and the external auditors;
- Verifies and monitors the independence of the registered auditor of Bulgarian Energy Holding EAD in compliance with the law and the Code of Ethics for Professional Accountants, including the appropriateness of providing services outside the audit of the Holding;
- Reports its activity to the appointing authority;
- Prepares and conducts the procedure for selection of an independent auditor and provides recommendation for the selection of a registered auditor to perform an independent financial audit of Bulgarian Energy Holding EAD, with the exception of the cases where a commission for conducting the selection process is appointed within the Holding;
- If a commission for conducting the selection process is appointed within the Holding, the audit committee oversees its activity and based on the results proposes to the Minister of Energy to assign the audit commitment;
- If irregularities and/or hazardous practices are identified within Bulgarian Energy Holding EAD, it promptly notifies the Board of Directors and the Minister of Energy, providing specific recommendations for their elimination.
