Auditors

Since 1996, PricewaterhouseCoopers based in Chur, Switzerland, has been appointed annually by the Annual General Meeting as the statutory auditors and Group auditors. The auditor-in-charge, Beat Inauen, has been responsible for the mandate since 2010. In 2013 PricewaterhouseCoopers was paid a total fee of TCHF 950 for their auditing services for the Group and TCHF 559 for other consulting services. The fees for other consulting services comprise the following: TCHF 469 for tax consulting, TCHF 69 for project-related consulting and TCHF 21 for other consulting services.

Supervision and control instruments vis-à-vis the auditors

The Board Committee, in its capacity as Audit Committee and on behalf of the Board of Directors, supervises the credentials, independence and performance of the auditors and their audit experts. It obtains information at least once a year from the audit managers and the Executive Board concerning planning, implementation and results of the audit work. The Board Committee asks the auditors to provide the audit plans and any proposals for improving the internal control systems. The auditors draw up for the Board of Directors a comprehensive report with findings on accounting practices, internal controls, the performance and results of the audit. The items and improvements discussed in the report are reviewed by the auditors in an interim audit and the results are presented to the Board Committee. In 2013 representatives of the external auditors participated in three meetings of the Board Committee in its capacity as Audit Committee.