Internal control system The Proximus Board of Directors is responsible for the
information systems, procedures and practices. Proximus
assessment of the effectiveness of the systems for internal
cannot guarantee that this internal control will be sufficient in
control and risk management.
all circumstances as risks of misuse of assets or misstatements can never be totally eliminated. However, Proximus organizes a
Proximus has set up an internal control system based on the
continuous review and follow-up of all the components of its
COSO model, i.e. the integrated internal control and enterprise
internal controls and risk management systems to ensure they
risk management framework published by the Committee of
remain adequate.
Sponsoring Organisation of the Treadway Commission (“COSO”) for the first time in 1992 and updated in May 2013.
Proximus considers the timely delivery to all its internal and
This COSO methodology is based on five areas: the control
external stakeholders of complete, reliable and relevant
environment, risk analysis, control activities, information &
financial information in conformity with International Financial
communication and monitoring.
Reporting Standards (IFRS) and Belgian Generally Accepted Accounting Principles (BGAAP). Therefore, Proximus has
Proximus’ internal control system is characterized by an
organized its internal control and risk management systems
organization with a clear definition of responsibilities, next to
over its financial reporting in order to ensure this objective is
sufficient resources and expertise, and also appropriate
met.
Control environment Organization of internal control
Ethics
In accordance with the bylaws, Proximus has an Audit &
The Board of Directors has approved a Corporate Governance
Compliance Committee (A&CC) (see caption Independence and
Charter and a Code of Conduct “A Socially Responsible
expertise in the accounting and audit domain of at least one
Company”.
member of the Audit and Compliance Committee’). Its role is to assist and advise the Board of Directors in its oversight on (i) the
All employees must perform their daily activities and their
financial reporting process, (ii) the efficiency of the systems for
business objectives according to the strictest ethical standards
internal control and risk management of Proximus, (iii) the
and principles, using the Group values (Collaboration, Agility
Proximus’ internal audit function and its efficiency, (iv) the
and Accountability) as guiding principle.
quality, integrity and legal control of the Proximus statutory and the consolidated financial statements, including the follow up of
The Code “A Socially Responsible Company”, which is available
questions and recommendations made by the auditors, (v) the
on www.proximus.com, sets out the above-mentioned
relationship with the Group’s auditors and the assessment and
principles, and aims to inspire each employee in his or her daily
monitoring of the independence of the auditors, (vi) Proximus
behaviour and attitudes. The ethical behaviour is not limited to
compliance with legal and regulatory requirements, (vii) the
the text of the Code. The Code is a summary of the main
compliance within the organization with the Proximus’ Code of
principles and is thus not exhaustive.
Conduct and the Dealing Code. In addition, Proximus in general, and the Finance department in particular, has a tradition of a high importance to compliance
The A&CC meets at least once every quarter.
and a strict adherence to a timely and qualitative reporting.
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