Auditing body

Duration of the mandate and term of office of the lead auditor

PricewaterhouseCoopers AG, St. Gallen, has been the independent auditor of SFS Group AG and several subsidiaries since 1993. The independent auditor is elected by the Annual General Meeting for a period of one year. The lead auditor in the present mandate, Gianluca Galasso, took office at the Annual General Meeting of 2021.

Audit fees

In the reporting period, PricewaterhouseCoopers charged the SFS Group around CHF 1.1 million (PY CHF 1.2 million) for the audit of SFS Group AG, the Group financial statements and several subsidiaries.

Additional fees

PricewaterhouseCoopers AG and affiliated companies did not raise invoices for audit-related services in the reporting period (PY none). For additional services related to tax compliance and other tax consulting services, a total amount of CHF 0.4 million (PY CHF 0.3 million) and for other consulting services a total amount of CHF 0.2 million (PY CHF 0.2 million) was invoiced from PricewaterhouseCoopers AG to SFS Group.

Informational instruments pertaining to an external audit

The Audit Committee briefs the Board of Directors on the work done by and the working relation with the external auditor at least once a year.

Each year, the external auditor submits an audit plan and a comprehensive report on the financials for the attention of the Board of Directors and the Audit Committee. The report contains conclusions on financial accounting, the internal control system and the process and results of the audit.

The Audit Committee evaluates the scope of the annual audit and the audit plans, and discusses audit results with the external auditor. In the reporting period, the external and internal auditors were present at three meetings of the Audit Committee (PY four).

The Audit Committee makes an annual assessment of the effectiveness, performance, independence and fees paid to the external auditor, and provides the Board of Directors with a proposal for the election of the auditor by the General Meeting.

This evaluation is based on the reports and presentations provided by the external auditor, the discussions held in the meetings, its objectivity and its technical and operational competency.

The Audit Committee assesses the sustainability, the scope and the fee for the services rendered by the external auditor. For internal organizational structure and further functions of the Audit Committee reference is made to the section “Internal organizational structure” above.