Duration of the mandate and term of office of the lead auditor
Ernst & Young Ltd (EY), Zurich, as Kuehne+Nagel’s auditor started in 2013. The auditor in charge since 2019 is Christian Schibler. The re-election of EY for the financial year 2020 was confirmed at the Annual General Meeting held on May 5, 2020. 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 2020 amounted to CHF 3.7 million (2019: CHF 3.6 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 2020, an amount of CHF 0.3 million (2019: CHF 0.5 million) was incurred mainly related to tax consultancy mandates.
Supervisory and controlling instruments towards the statutory auditors
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 regularly to the Audit Committee. In 2020, the auditor in charge attended three Audit Committee meetings. The main criteria for the selection of the external audit company are its worldwide network, reputation and pricing.