The audit of the Company’s financial situation, its financial statements, its extra-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.
At the Ordinary Shareholders’s meeting of Tuesday May 14, 2019, the mandate of Deloitte has been renewed for a further three years. Deloitte is represented by Michel Denayer and by Corine Magnin as alternate auditor.
Please note that at the request of Deloitte, the Board of Directors acknowledged on November 6, 2019 that Deloitte will now be represented jointly by Michel Denayer and Corine Magnin.
The yearly 2019 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 2019 amount to €4.9 million. Supplementary non-audit fees of €1.5 million were paid in 2019 by Solvay SA and affiliates of which:
- Invoiced by the statutory auditor of the Group:
– Other assurance missions: €0,6 million,
- Invoiced by other Deloitte entities:
– Other assurance missions: €0.4 million,
– Tax advisory and compliance: €0.5million.