The external auditor is appointed by the General Meeting of Shareholders. Following the takeover by Oranjewoud, Ernst & Young was appointed as the new external auditor. The Group Management Board evaluates the performance of the external auditor once every four years. The conclusions are presented to the General Meeting of Shareholders.
The external auditor attends the meetings of the Group Management Board with the shareholder at which his report on the audit of the financial statements is discussed and at which the adoption of the financial statements is considered. He also attends the meetings discussing the half year figures.
Some years ago the Group Management Board took measures to safeguard the objectivity and independence of the auditor by introducing restrictions in the other work to be assigned to the auditor.
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