The management is responsible for internal control in the company and has implemented a risk management and control system, which is designed to ensure the business is focused on achieving its objectives and to mitigate risk to the extent possible. This includes :
- Management reviews
- Reviews of the design and implementation of the company's risk management approach and business and functional audit committees.
- Risk management
- Whistleblowing
- Audit
The board of directors consist of 11 members, which are divided into 3 non-independent members (Lakshmi Mittal the Chariman and CEO of ArcelorMittal, Jeannot Krecke who owns a decent number of shares in ArcelorMittal, and Vanisha Mittal Bathia who is a daughter to Lakshmi Mittal) , and 8 independent director members. The board of directors consist mainly of independent directors. This will help ensure that the board forces management to act in the best interest of shareholders and do not have an alternative motive to act in the private benefits for themselves or management.
3. Role of Audit Committee -- assist the Board of Directors in fulfilling its oversight responsibilities by reviewing:
- any financial report and/or other financial information provided to any governmental body and public
- internal control (finance, accounting, legal compliance, and ethics)
- auditing, accounting, and financial reporting processes generally
4. Independence of the Auditors
The audit committee is composed of four independent directors, appointed by the board of directors. The committee serves as an independent and objective party to monitor the company’s financial reporting process
