Duration of mandate and term of office of the lead auditor
PricewaterhouseCoopers AG, Zurich (PWC), have been the statutory auditors of Rieter Holding Ltd. and the Rieter Group since 1984. The statutory auditors are elected at the Annual General Meeting each year upon a motion proposed by the Board of Directors. Stefan Räbsamen has officiated as lead auditor for the mandate since the 2012 financial year. The change in lead auditor was to comply with legal provisions stipulating such a change every seven years.
In the 2016 financial year PWC and other auditors charged the Rieter Group approximately CHF 0.8 million and CHF 0.1 million, respectively, 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 2016 amounted to CHF 0.2 million and concerned mainly tax consulting services.
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 for consideration at the Annual General Meeting regarding who should be elected as statutory auditors. Further information on auditing can be found on page 31.