ANNUAL REPORT 2018
8.1 Duration of the mandate and term of office of the lead auditor
At the General Meeting held on April 24, 2018, 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 agreed with KPMG AG in respect of the financial statements for the 2018 financial year amounted to CHF 500 000.
8.3 Additional fees
In the reporting period, KPMG AG agreed a total fee of CHF 37 000 for audit-related services, in particular in connection with the capital increase and the acquisition of the "electro sheet stamping" segment.
8.4 Information instruments pertaining to external audit
The auditors attended two meetings of the Audit Committee. . In addition to the annual audit report, KPMG AG prepares a comprehensive report on the results of its audit for the Board of Directors. 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.