PolskiAccording to § 18(2)(12) of the Exchange’s Articles of Association, the auditor of the Company’s financial statements is appointed by the Supervisory Board of the Warsaw Stock Exchange (“Exchange Supervisory Board”). The Exchange Supervisory Board appoints the auditor on the basis of opinions and recommendations of the Audit Committee. According to the Annex to the Exchange Supervisory Board Rules which defines the functions of the Committees of the Exchange Supervisory Board, the responsibilities of the Audit Committee include among other things the following: to issue opinions on proposals of potential auditors and to present recommendations on the appointment of the potential auditor. The Company complies with the Act on Auditors, Their Self-Government, Entities Authorised to Audit Financial Statements and Public Supervision of 7 May 2009, whereby the key auditor shall not audit financial statements of a company for a period of more than 5 years unless the key auditor dedicated to audits of the company’s financial statements is replaced.
The entity authorised to audit the separate financial statements of GPW and the consolidated financial statements of the GPW Group for the financial year ended 31 December 2016 is KPMG Audyt spółka z ograniczoną odpowiedzialnością spółka komandytowa (“KPMG Audyt”), entered in the list of entities authorised to audit financial statements, entry no. 3546.
The agreement between GPW and KPMG Audyt was concluded on 21 October 2015 and covers the audit of the annual separate and consolidated financial statements for the financial years ended 31 December 2016 and the review of the interim separate and consolidated financial statements for each quarter of 2017.
The agreement concluded on 10 December 2013 between GPW and KPMG was in force in 2015 and covered the audit of the annual separate and consolidated financial statements for the financial years ended 31 December 2013 and 2014, the review of the interim separate and consolidated financial statements for each quarter of 2014 and 2015, and the verification of the calculation of Management Board bonus indicators for 2013 and 2014.
Auditor’s fees for services provided to GPW Group (net amounts, PLN)
| Service | 2016 | 2015 | 2014 |
|---|---|---|---|
| Audit: | 80,000 | 80,000 | 85,500 |
| annual separate and consolidated financial statements for the financial year ended 31 December | |||
| verification of the calculation of GPW Management Board bonus indicators | |||
| Review of interim financial statements: | |||
| consolidated, for the period 01.01. – 31.03. | 15,000 | 19,000 | 19,000 |
| consolidated, for the period 01.01 – 30.09. | 15,000 | 19,000 | 19,000 |
| separate and consolidated, for the period 01.01. – 30.06. | 22,000 | 28,500 | 28,500 |