Corporate Governance

15. Auditor

The Group’s auditor is elected by the Annual General Meeting.

The auditor participates in the meetings of Audit Committee, to whom they present the main features of the plan for the audit. The auditor also conducts a review of the company’s internal control procedures, including identified weaknesses and improvement proposals, which are presented to the Audit Committee.

The auditor always participates in the meeting of the Board that deals with the annual financial statements. In this meeting the auditor discusses any changes to the accounting principles, comments on any material estimated figures and reports any material matters where there has been a disagreement between the auditors and the executive management.

The board and the auditor will meet at least once a year without the CEO or any other members of the Executive Management present.

The auditor issues a written confirmation to the Board on compliance with the Statutory Audit Independence and Objectivity Requirements.

The Board of Kitron has established guidelines in respect of the use of the auditor by the company’s Executive Management for services other than mandatory audit.

The auditor annually provides the board with a summary of all services that have been undertaken for Kitron for the accounting year. The fees paid for audit work and fees paid for other specific assignments are specified in the notes to the financial statements.

PwC has been the company’s auditor since 2005.

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