To ensure good governance throughout the organization, we have systems in place that control how the company takes decisions, meets its legal obligations, and achieves its operational requirements. We have an ethical, values-driven culture in which issues are addressed swiftly and transparently. We do this through a culture based on dialogue, mutual respect, and integrity.
We operate ethically and responsibly and leverage our policy framework to build a sustainable organization. This benefits society at large and creates value for our shareholders and other stakeholders. Good governance helps us attract and retain talent, manage costs, and build trust with employees, customers, patients, suppliers, and stakeholders.
Oncopeptides is dedicated to operating in an ethical manner and have focused on strengthening our capabilities to mitigate and manage risk. We continue our efforts to develop the structures we need to ensure that we operate and develop our business in a responsible and sustainable manner.
In order to create and maintain a functioning control environment, the Board has adopted a number of policies and steering documents governing financial reporting. These documents primarily comprise the rules of procedure for the Board of Directors, instructions for the CEO and instructions for financial reporting. The Board has also adopted special authorization procedures and a financial policy. The company also has a financial manual which contains principles, guidelines and process descriptions for accounting and financial reporting. Furthermore, the Audit Committee’s main task is to monitor the company’s financial position and the effectiveness of the company’s internal control, internal audit and risk management, to remain informed about the audit of the Annual Report and consolidated financial statements, and to review and monitor the auditor’s impartiality and independence. Responsibility for the ongoing work of the internal control over financial reporting has been delegated to the company’s CEO. The CEO regularly reports to the Board of Directors in accordance with the established instructions for the CEO and the instructions for financial reporting. The Board also receives reports from the company’s auditor.
Risk assessment includes identifying risks that may arise if the basic requirements for the financial reporting of the company are not met. Oncopeptides’ management team has, in a specific risk assessment document, identified and evaluated the risks that arise in the company’s operations, and has assessed how these risks can be managed. Within the Board of Directors, the Audit Committee is primarily responsible for continuously assessing the company’s risk situation as related to the company’s financial reporting. The Board also conducts an annual review of risks.
Control activities limit identified risks and ensure accurate and reliable financial reporting. The Board of Directors is responsible for the internal control and monitoring of the company’s management. This is done through both internal and external control activities, and through examination and monitoring of the company’s steering documents related to risk management. The effectiveness of the control activities is assessed annually and the results from these assessments are reported to the Board of Directors and the Audit Committee. In agreements with sub-suppliers, the company has secured the right to audit each respective sub-supplier’s fulfillment of relevant services, including quality aspects.
Information and communication
The company has information and communication channels to promote the accuracy of the financial reporting and to facilitate reporting and feedback from the operations to the Board and senior management, for example, by making corporate governance documents, such as internal policies, guidelines and instructions regarding the financial reporting, available to the co-workers concerned and ensuring the co-workers are familiar with them. The Board of Directors has also adopted an information policy governing Oncopeptides’ disclosure of information.
Monitoring, evaluation and reporting
Compliance with and effectiveness of the internal controls are constantly monitored. The CEO ensures that the Board of Directors continuously receives reports on the development of the company’s activities, including the development of the company’s earnings and financial position, as well as information on important events, such as research results and important contracts. The CEO reports on these matters at each Board meeting. The company’s compliance with all relevant steering documents and guidelines is assessed annually. The results from these assessments are compiled by the company’s CFO and then reported to the Board of Directors and the Audit Committee.