Standard Life plc Result of Audit Tender (5247Y)
May 17 2016 - 12:20PM
UK Regulatory
TIDMSL.
RNS Number : 5247Y
Standard Life plc
17 May 2016
Standard Life plc
RESULT OF AUDIT TENDER
The Board of Standard Life plc ('the Company') announces its
intention to appoint KPMG LLP ('KPMG') as its auditor for the year
ending 31 December 2017.
This follows a competitive tender process actively overseen by
the Audit Committee, as referred to in the Company's Annual report
& accounts 2015, and resulting in a recommendation which was
approved by the Board of the Company at a meeting earlier
today.
The appointment of KPMG will be recommended to the Company's
shareholders for approval at the 2017 Annual General Meeting.
Having been reappointed today at the 2016 Annual General
Meeting, PricewaterhouseCoopers LLP ('PwC'), the Company's current
auditor, will continue in the role and will undertake the audit of
the Group's consolidated accounts for the year ending 31 December
2016. The current lead partner, Ms Stephanie Bruce, will complete
her fifth year as our audit partner at the 2017 AGM and audit
rotation rules would only permit the Company to reappoint PwC for
three further years. The Audit Committee considered that period of
time to be less than optimal and accordingly did not invite PwC to
participate in the tender.
Commenting on the upcoming change, Kevin Parry, Chairman of the
Audit Committee, said: "PwC has been the Company's auditor since
1994 having been reappointed after the last tender in 2003. On
behalf of the Board, I would like to thank them for the
professionalism and care they have demonstrated in their external
audit role over many years.
"The tender process was transparent, comprehensive and thorough.
We look forward to a constructive and professional relationship
with KPMG in support of the Audit Committee's responsibility to
oversee our financial reporting."
The Company, PwC and KPMG will work together to ensure a smooth
transition process. In accordance with applicable legislative
requirements in the United Kingdom, the Board will receive from
PwC, upon their retirement as auditors, notification of any
circumstances which need to be brought to the attention of either
the creditors or shareholders of the Company.
17 May 2016
Enquiries:
Media Enquiries +44 (0) 131 245 1365*
Steve Hartley +44 (0) 7702 934 651
Group Secretariat
Paul McKenna +44 (0) 131 245 1168*
* Calls may be monitored and/or recorded to protect both you and
us and help with our training. Call charges will vary.
END
This information is provided by RNS
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