8 Statutory Auditors
Date on which Ernst & Young AG (EY) took over the existing auditing mandate
April 13, 2016
Year in which the lead auditor took up his position
Total auditing fees of the Group auditor
Total tax consulting fees of the Group auditor
Total other consulting fees of the Group auditor
The auditors are appointed by vote of the Annual General Meeting of Shareholders for a one-year term. The external audit is reviewed by the Audit Committee. The auditors attend the meetings of the Audit Committee at which the annual and semi-annual financial statements are discussed and preparations are made for approval by the Board of Directors. The auditors’ report on the audit focus and summarize the audit findings. The auditors submit recommendations regarding the scope of the audit and its focus for the upcoming audit period. At year’s end, the Audit Committee reviews the performance of the auditors as well as the audit costs and submits a proposal to the Board of Directors regarding reappointment of the auditors. As a rule, the Company issues a new request for audit proposals every four years. The lead auditor must be changed every seven years.