The external audit of Recticel SA/NV’s company and consolidated annual accounts has been entrusted to the limited liability cooperative company “DELOITTE Bedrijfsrevisoren”, represented by Messrs. William Blomme and/or Kurt Dehoorne.
The Auditor conducts his audits in accordance with the standards of the Belgian Institute of Company Auditors and delivers a report which confirms if the annual accounts and the consolidated financial statements of the company reflect a true image of its assets, financial condition and results of the company. The Audit Committee investigates and discusses these bi-annual reports in the presence of the Auditor, and afterwards also with the Board of Directors.
The Auditor’s remuneration on the audit of Recticel NV’s company and consolidated account and the consolidated financial statements intended in article 134, §1 of the Companies Code, amounts to EUR 273,000 for 2012. Apart from this remuneration the Auditor also invoiced EUR 37,000 for additional audits and EUR 754,834 for tax, legal and other consulting assignments. The details of these compensations are included in the explanatory notes on VOL 5.15 in the statutory annual account.
The global amount of the Auditor’s remunerations at Group level amounts to EUR 873,000.
The global amount of the Auditor’s remunerations for additional non-audit services to the Recticel Group amounts to EUR 1,142,327. It shall be noticed that the limit intended in article 133 of the Belgian Companies Code on consolidated level has been exceeded, but this was however for the total amount pre-approved by the Audit Committee, in conformity with the Belgian Companies Code.
Details on these compensations are included in the explanatory notes in the financial part of the Consolidated Annual report.
The Auditor's mandate was renewed in 2010 and will end after the upcoming Ordinary General meeting of this year 2013.
The Board of Directors will propose at the Ordinary General Meeting of 28 May 2013 to renew the Auditor’s mandate for a term of three years up to the Ordinary General Meeting to be held in 2016.