Ernst & Young Ltd (EY), Zurich, as Kuehne + Nagel’s auditor started in 2013, with Alessandro Miolo as the auditor in charge. The re-election for the financial year 2016 was confirmed at the Annual General Meeting held on May 3, 2016, and with the letter of acceptance signed on November 23, 2016.
The rotation sequence of the auditor in charge is seven years and thus corresponds with the legal rule.
According to the Group’s financial records the fees charged for auditing services for the year 2016 amounted to CHF 3.6 million (2015: CHF 3.3 million).
In addition to the fees mentioned above, the statutory auditors are asked on a very restrictive basis to provide certain consulting services beyond the annual audit mandate. In 2016 an amount of CHF 0.3 million (2015: CHF 0.3 million) was incurred mainly related to tax consultancy mandates.
The work performed by the external statutory auditors is supervised, controlled, and duly monitored by the Board of Directors’ Audit Committee. The statutory auditors report to the Audit Committee regularly, and in 2016 the auditor in charge attended three Audit Committee meetings in person. In 2016 the auditor in charge also attended one meeting of the Board of Directors. The main criteria for the selection of the external audit company are its worldwide network, its reputation, and pricing.