The Audit Committee, consisting of three members, oversees the Company’s financial reporting activity. The committee reviews, on an independent basis, the financial information provided by the Company’s management as well as the systems of internal controls that concern financial and accounting compliance. The committee also supervises the Company’s auditing, accounting and financial reporting processes more generally. Members of the Audit Committee are elected by the Board of Directors at its first meeting following the election of the Board of Directors at the annual General Shareholders’ Meeting. Powers of the members of the Audit Committee expire upon expiry of powers of the Board of Directors.