Control Committee and auditors

The Control Committee monitors that the operations of NIB are conducted in accordance with its Statutes.

The Control Committee is responsible for appointing the external auditors to carry out the audit of the Bank’s financial statements. The external auditors’ report together with reports from the Control Committee and its Chairmanship is delivered annually to the Board of Governors.

The Control Committee composes of at least ten and a maximum of twelve members. The members of the Committee are appointed for a term of up to two years at a time. The Nordic Council and the Parliaments of Estonia, Latvia and Lithuania appoint one member from each country. The Board of Governors appoint two to four members to serve as Chair, Deputy Chair and other members of the Chairmanship who administer the responsibilities and tasks of the Committee.

The Chairmanship oversees the performance of the audit of the Bank’s financial statements, carried out by the external auditors, and monitors the Bank’s financial position, risk levels and capital and liquidity position. The positions of the Chairmanship rotate among the Member countries.