At the General Meeting held on April 19, 2016, KPMG AG, Zurich, was elected as statutory auditors for one year. Rolf Hauenstein is the lead auditor for the term of the mandate.
KPMG AG, Zurich, was elected for the first time at the General Meeting on January 25, 2011.
Since KPMG AG was first appointed, the lead auditor responsible for the existing auditing mandate has been Rolf Hauenstein.
The auditing fees charged by KPMG AG in respect of the financial statements for the 2016 financial year amounted to CHF 477 000.
In the reporting period, KPMG AG billed an additional fee of CHF 4 000 for audit-related services.
The auditors attended two meetings of the Audit Committee. KPMG AG provides the Board of Directors with a comprehensive report on the results of its annual audit. At the end of the financial year, the Audit Committee, with the CEO and CFO also in attendance, discusses the comprehensive report to the Board of Directors and the auditors' report with the auditors.
The external auditors are periodically re-evaluated by means of a tendering process. They are elected at the General Meeting by a motion submitted by the Board of Directors. Besides the minimum legal requirements, selection criteria include relevant qualifications, sector experience and cost-effectiveness. The lead auditor from KPMG AG is replaced every seven years in accordance with statutory regulations.