Statutory and Group auditors
Duration of mandate and term of office of the auditor in charge
PricewaterhouseCoopers AG, Zurich (PwC), have been the statutory auditors of Rieter Holding Ltd. and the Rieter Group since 1984. The statutory auditors are elected by the Annual General Meeting each year upon a motion proposed by the Board of Directors. Stefan Räbsamen has officiated as lead auditor for the Rieter mandate since the 2012 financial year. The change in lead auditor complies with legal provisions stipulating such a change every seven years.
PwC and other auditors charged the Rieter Group approximately 0.9 million CHF in the 2012 financial year for services in connection with auditing the annual financial statements of the group companies and Rieter’s consolidated accounts.
Additional consultancy fees invoiced by the statutory auditors in 2012 amounted to 0.2 million CHF and concerned mainly tax consulting.
Supervisory and monitoring instruments vis-à-vis the auditors
The audit committee of the Board of Directors makes an annual assessment of the performance, fees and independence of the statutory auditors. It submits a proposal to the Annual General Meeting regarding who should be elected as statutory auditors. Further information on auditing can be found in chapter 3.