National Grid PLC Appointment of Auditor (2510F)
November 11 2015 - 02:01AM
UK Regulatory
TIDMNG.
RNS Number : 2510F
National Grid PLC
11 November 2015
11 November 2015
National Grid plc (National Grid)
National Grid appoints Deloitte as its auditor
National Grid plc announces its intention to appoint Deloitte
LLP (Deloitte) as its auditor for the year ending 31 March 2018.
This follows a competitive tender process for its statutory audit
contract, overseen by its Audit Committee, resulting in a
recommendation which was approved by the National Grid Board.
PricewaterhouseCoopers LLP (PwC), National Grid's current
auditor, will continue in their role and will undertake the audit
of National Grid until the year ending 31 March 2017, subject to
reappointment by shareholders at the July 2016 Annual General
Meeting. The appointment of Deloitte will be recommended to
National Grid's shareholders for approval at the July 2017 Annual
General Meeting.
Mark Williamson, Chairman of National Grid's Audit Committee,
said: "We are pleased to have conducted a robust and comprehensive
audit tender process which included meetings with members of the
Board and senior finance managers, references, written submissions
and formal presentations to the Audit Committee. The principal
evaluation criteria were audit quality, team experience and
cultural fit. We thank PwC for their significant contribution to
date as National Grid's auditors since the merger with Lattice
Group plc in 2002 and prior to that as the incumbent external
auditors of both the merging parties. We look forward to working
with Deloitte in the future."
Contact: Megan Barnes, Assistant Company Secretary, 0207 004
3325.
Background:
As described in National Grid's 2014/15 Annual Report &
Accounts, the Audit Committee decided to tender the audit having
considered the Competition and Market Authority Order requiring
FTSE 350 companies to hold an audit tender every 10 years as well
as the final European Commission (EC) regulations, which came into
EU legislation in June 2014. Based on the EC transitional
arrangements, the final year in which PwC could have been appointed
as the Group's auditors would have been for the year ended 31 March
2020. Hence, PwC were not invited to tender. The timing of the
change in auditor will help ensure both an orderly transition and
compliance with external regulations on the provision of non-audit
services.
This information is provided by RNS
The company news service from the London Stock Exchange
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