Recommendations and declaration of independence and competencies
As part of the assurance process, PricewaterhouseCoopers (PwC) reports observations and recommendations to Novozymes. PwC’s recommendations are reported to Novozymes at three levels based on the materiality of the underlying observations: the Board of Directors, Executive Management and local management.
According to the AA1000 Assurance Standard (2003), we are required to include our assurance commentary recommendations for improvement in relation to Novozymes’ environmental and social performance and reporting. Such recommendations do not affect the conclusions in the assurance statement.
Novozymes has in recent years expanded its business activities in both Enzyme Business and BioBusiness seeking out new applications for its products and technologies. In 2007, Novozymes launched the Rethink Tomorrow initiative that includes a strategic priority to use its products and technologies to address global environmental challenges, in particular climate change. In view of this development, we recommend that Novozymes:
Declaration of Independence and Competencies
The AA1000 Assurance Standard (2003) requires us to make a statement with respect to our independence from Novozymes and our qualifications for undertaking the assurance engagement. The scope of our work and our conclusions are presented in our assurance report on The Novozymes Report 2008.
Our assurance team possesses the requisite skills and experience within financial and nonfinancial assurance, sustainability management, social and environmental issues as well as industry-specific knowledge to undertake this assignment. Our assurance team has been drawn from our Sustainable Business Solutions team, which comprises individuals with an educational and professional background within e.g. financial and nonfinancial auditing and reporting, environmental engineering and management, corporate sustainability management, communication, business, the natural sciences and the social sciences as well as from our financial audit services department.
As financial auditors of Novozymes we are required to meet the independence requirements of international professional standard-setting and national regulatory bodies. In addition, PricewaterhouseCoopers’ own Global Independence Policy, which in some areas exceeds those of international professional standard-setting and national regulatory bodies, is applicable to the firm, the partners and its professional staff, including members of the assurance team. In general, we conduct business without any financial interests in, or personal or business relationships with, our audit clients and their affiliates.
Bagsvaerd, January 22, 2009