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Audit

The company’s auditor, which shall be an auditing firm approved by the Central Chamber of Commerce, is elected annually at the General Meeting. The term of office of the auditor terminates at the close of the first General Meeting following the election.

It is the duty of the auditor to ensure that the financial statements have been prepared in accordance with the valid legislation and that they provide a true and fair view of the company’s result and financial position and other necessary information for the company’s stakeholders. The requirements of internal control are also taken into account in the auditors’ audit plans.

The auditor annually issues its report to the company’s Annual General Meeting. In addition, the auditor reports on the main points of the annual audit plan and provides a written auditor’s report concerning the entire Group to the Board of Directors in connection with the financial statements. The auditor shall always attend the Annual General Meeting, and also at least one meeting of Olvi plc’s Board of Directors during the year.

In 2018, the auditor elected by the Annual General Meeting was PricewaterhouseCoopers Oy, Certified Public Accountants, which was responsible for the audit of the Group’s parent company Olvi plc and the subsidiaries located in the Baltic states. Furthermore, PWC has audited the consolidation data for the subsidiary located in Belarus. The auditor in charge was Juha Toppinen, Certified Public Accountant.

In 2018, the auditors of Olvi Group were paid a fee of 206,000.00 euro for audit tasks (in 2017: 180,000.00 euro) and 90,000.00 euro for other advisory and consulting services (in 2017: 156 000,00 euro).

Please, see the  Corporate Governance Statement 2018  for more information.

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