Statutory Auditors

KPMG AG, Basel has invoiced the following services to the MCH Group in the 2017 business year:

The auditing services cover all assignments in connection with the auditing of the annual accounts for the business year in question.

The statutory auditors are elected by the General Meeting for a period of one year in each case following a proposal made by the Board of Directors. The Audit Committee monitors the external auditing company to ensure that it performs its work independently and in accordance with Swiss legislation and the Swiss auditing standards. The statutory auditors submit written and verbal reports to the Audit Committee at least once a year on the subjects of audit planning and the scope of the audit, accounting, financial reporting, the internal control system and other auditing related assignments. The statutory auditors additionally report to the CFO twice a year on the results of the intermediate and final audits in a detailed management letter. In the reporting year, the statutory auditors attended two Audit Committee meetings.

The Audit Committee is in regular contact with the CEO and CFO, receiving information on the performance of the auditing company via this route. The Audit Committee similarly monitors all the fees paid to the statutory auditors and has granted the Executive Board the competence to take decisions itself regarding the scope of non-auditing assignments that are placed with the statutory auditors in the context of the decisive provisions governing independence.