DURATION OF MANDATE AND TERM OF OFFICE OF THE AUDITOR-IN-CHARGE
The auditing mandates issued to KPMG Ltd., Zurich have a duration of one year each. KPMG Ltd., Zurich, has been the auditor of Kuoni Travel Holding Ltd. since 1970. The auditor-in-charge, Martin Schaad, has been in office since April 2009. The auditor-in-charge is changed at least every seven years.
KPMG charged the Kuoni Group fees amounting to CHF 2.9 million during the 2012 financial year for services in connection with the auditing of the annual accounts of Kuoni Travel Holding Ltd. and its Group subsidiaries, as well as the consolidated financial statements of the Kuoni Group. An additional CHF 0.4 million was charged by other audit companies.
KPMG also charged the Kuoni Group fees totalling CHF 3.0 million for additional services, i.e. accountancy and tax compliance and project costs associated with the consideration of an M&A transaction which never materialised. Other fees amounting to CHF 0.1 million were charged by other audit companies for any 0ther services.
SUPERVISORY AND CONTROLLING INSTRUMENTS WITH REGARD TO THE EXTERNAL AUDITORS
Each year, the Audit Committee of the Board of Directors evaluates the performance, remuneration and independence of the statutory auditor and proposes an external auditor to the Board of Directors who will be put forward for election at the General Meeting of Shareholders. The Audit Committee also annually examines the scope of external auditing, the auditing plans and the relevant processes, and discusses the audit results with the external auditors. Representatives of the external auditors also regularly attend Audit Committee meetings, and attended all such meetings in 2012.