Corporate governance


Since 1996, PricewaterhouseCoopers, Chur, Switzerland, has been appointed annually by the Annual General Meeting as the statutory auditor and Group auditor. The auditor-in-charge, Beat Inauen, has been responsible for the engagement since 2010. PricewaterhouseCoopers was paid a total fee of CHF 1,013,000 for its auditing services for the Group in the 2014 financial year and CHF 300,000 for other consulting services. The fees for other consulting services comprise the following: CHF 262,000 for tax consulting, CHF 19,000 for project-related consulting and CHF 19,000 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, monitors the credentials, independence and performance of the auditor and its audit experts. It obtains information at least once a year from the audit managers and the Executive Board concerning the planning, execution and findings of the audit work. The Board Committee asks the auditors to provide the audit plans and any proposals for improving internal controls. The auditors draw up for the Board of Directors a comprehensive report with findings on accounting practices, internal controls, the execution 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 2014 representatives of the external auditor participated in three meetings of the Board Committee in its capacity as Audit Committee.