8. External audit
The audit of the Company’s financial situation, its financial statements, and the conformity of the statements – and the entries to be recorded in the financial statements in accordance with the Companies’ Code and the by-laws – is entrusted to one or more auditors appointed by the Shareholders’ Meeting from among the members, either physical or legal persons, of the Belgian Institute of Company Auditors.
The mission and powers of the auditor(s) are those set by law.
The Shareholders’ Meeting sets the number of auditors and fixes their emoluments in accordance with the law. Auditors are also entitled to reimbursement of their travel expenses for auditing the Company’s sites and administrative offices.
The Shareholders’ Meeting may also appoint one or more alternate auditors. Auditors are appointed for three-year renewable terms, which may not be revoked by the Shareholders’ Meeting other than for good reason.
The audit mandate of Deloitte Reviseurs d’Entreprises SC s.f.d. SCRL expired at the Ordinary Shareholders’ Meeting of 2016.
Based on the recommendation of the Audit Committee, the Board of Directors proposed to the Ordinary Shareholders’ Meeting held on May 10, 2016 to renew the audit mandate of Deloitte Reviseurs d’Entreprises SC s.f.d. SCRL, represented by Mr. Michel Denayer, for three years. The Board has also proposed to appoint Corine Magnin as alternate representative of Deloitte Reviseurs d’Entreprises SC s.f.d. SCRL, for three years.
The Ordinary Shareholders’ Meeting of May 10, 2016 approved both resolutions.
The yearly 2016 audit fees for Solvay SA were set at € 1.1 million. They include the audit of the statutory and consolidated accounts of Solvay SA.
Additional audit fees for Solvay affiliates in 2016 amount to € 5.1 million, and include Cytec legacy for the full year 2016.
Supplementary non audit fees of € 1.4 million were paid in 2016 by Solvay Affiliates.