Audit Committee

The general assembly of the shareholders of BILLBOARD Plc, held on June 30th 2009 elected the company’s Audit Committee with the following members – Peter Doynov Doynov – Chairperson of the Audit Committee, Daniela Iltcheva Peeva – member of the Audit Committee and Stanimir Stefanov Gentchev – member of the Audit Committee and set up a 1-year mandate of the Committee.

At the regular annual general assembly of the shareholders of BILLBOARD Plc, held on June 22nd 2010, the company’s audit committee was re-elected for a new 2-year mandate.

At the regular annual general assembly of shareholders of BILLBOARD Plc, held on June 14th 2011q the general assembly released Peter Doynov from his position of a chairperson of the audit committee and elected Andrey Antov Antov to be a new members of the company’s audit committee. The General Assembly of Shareholders set up a 2-year mandate of the audit committee and elected Andrey Antov Antov to be its chairperson.

According to the provisions of the Independent Financial Audit Act, the Audit Committee shall perform the following functions:

  1. Observes the financial reporting processes in the company;
  2. Observes the efficiency of the internal control systems in the company;
  3. Observes the efficiency of the risks management systems in the company;
  4. Observes the independent financial audit in the company;
  5. Performs a verification of the independence of the company’s registered auditor in compliance with the requirements of the law and the Code of Ethics of the Professional Accountants, including observes the provision of additional services from the registered auditor to the audited company.

The registered auditor, elected by the company’s general assembly of the shareholders shall report to the Audit Committee on the basic issues related to the audit implementation with particular attention to the weaknesses of the company’s internal control systems with reference to the financial reporting process.

Election of the registered auditor to perform an independent financial audit of the company shall be based on a recommendation of the Audit Committee.

The audit committee reports on its activities to the general assembly of the shareholders once per year together with the approval of the annual financial statements.