ANNUAL REPORT 2017
8.1 Duration of the mandate and term of office of the lead auditor
At the General Meeting held on April 25, 2017, KPMG AG, Zurich, was elected as statutory auditors for one year. Roman Wenk is the lead auditor for the term of the mandate.
8.1.1 Date of assumption of the auditing mandate
KPMG AG, Zurich, was elected for the first time at the General Meeting on January 25, 2011.
8.1.2 Date on which the lead auditor took up office
The lead auditor from KPMG AG is replaced every seven years in accordance with statutory regulations. Roman Wenk has held the position of lead auditor since financial year 2017.
8.2 Auditing fees
The auditing fees charged by KPMG AG in respect of the financial statements for the 2017 financial year amounted to CHF 488 000.
8.3 Additional fees
In the reporting period, KPMG AG billed an additional fee of CHF 15 000 for tax services.
8.4 Information instruments pertaining to external audit
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.