The audit of the Company’s financial situation, its financial statements, and the conformity of those statements – and the entries to be recorded in the financial statements in accordance with the Companies Code and the bylaws – are entrusted to one or more auditors appointed by the Shareholders’ Meeting from among the members, either natural or legal persons, of the Belgian Institute of Company Auditors.
The responsibilities and powers of the auditor(s) are set by law.
- The Shareholders’ Meeting sets the number of auditors and their emoluments in accordance with the law. Auditors are also entitled to reimbursement of their travel expenses for auditing the Company’s sites and administrative offices;
- The Shareholders’ Meeting may also appoint one or more alternate auditors. Auditors are appointed for three-year renewable terms, which may not be revoked by the Shareholders’ Meeting other than for good reason;
- The Audit Committee assesses the effectiveness, independence and objectivity of the external auditor having regard to the:
- Content, quality and insights on key external auditor plans and reports; in particular those summarizing audit work performed on risks identified by the Company;
- Engagement with the external auditor during Committee meetings;
- Robustness of the external auditor in their handling of key accounting principles;
- Provision of non-audit services.
The Board of Directors, upon the recommendation from the Audit Committee, is recommending that Deloitte’s mandate be renewed for another term at the General Shareholders’ Meeting of 2019. The Committee believes the independence and objectivity of Deloitte and the effectiveness of the audit process are safeguarded and remain strong. Considering the recent audit partner rotation in 2016 as well as evaluating the proposals brought forward to the Audit Committee, the Board of Directors will propose to renew the mandate of Deloitte for a new three years. Deloitte will be represented by Michel Denayer and by Corine Magnin as alternate auditor.
At the Ordinary Shareholders’s meeting of Tuesday May 14, 2019, the Board of Directors proposes to renew the mandate of Deloitte for a further three years. Deloitte will be represented by Michel Denayer and by Corine Magnin as alternate auditor.
The yearly 2018 audit fees for Solvay SA were set at €1.2 million. They include the audit of the statutory and consolidated accounts of Solvay SA. Additional audit fees for Solvay affiliates in 2018 amount to €4.8 million. Supplementary non-audit fees of €1.6 million were paid in 2018 by Solvay SA and affiliates of which:
- Invoiced by the statutory auditor of the Group:
– Other assurance missions: €0,8 million.
- Invoiced by other Deloitte entities:
– Other assurance missions: €0.4 million;
– Tax advisory and compliance: €0.1million;
– Other advisory missions: €0.3 million.