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Recommendations for member companies

24 June 2013

​Confidence in the financial sector must be restored, including confidence in the management and operation of financial undertakings.
 
The Danish Bankers Association has therefore decided to recommend that member companies comply with all the recommendations of the Committee on Corporate Governance of 6 May 2013 according to the 'comply or explain' principle.  

The recommendations - in Danish (pdf)

 

The Danish Bankers Association further recommends that member companies comply with the Association's audit recommendations, set out below.
 
In the course of the autumn the Association will consider whether to prepare more sector-specific recommendations for management issues.
 
This recommendation replaces the Association's recommendations for member companies (‘Anbefalinger for Finansrådets medlemsvirksomheder’) of 10 December 2008, revised in 2011, which advised partial compliance with the recommendations of the Committee on Corporate Governance at the time.

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The recommendations of the Danish Bankers Association in the audit field

 

The Association's member companies must have a strong focus on the role of the external auditor and the quality of its audit work. For example, banks, savings banks and cooperative banks should demand:
 
  • that external auditors have completed additional training courses targeted at the banking profession, and
  • that the team used by external auditors includes at least two experienced auditors with additional expertise. As well as having completed supplementary training as mentioned, an experienced auditor must also have participated in bank audits for at least three years.
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