The auditor has been PricewaterhouseCoopers Ltd (Zurich) since financial year 2020. The duration of each mandate assigned to PricewaterhouseCoopers Ltd is one financial year (Art. 24 of the Articles of Association). The current mandate commenced on 1 June 2020. The position of Head Auditor is held by Michael Abresch. According to Art. 730a of the Swiss Code of Obligations, the head auditor’s mandate shall not generally exceed seven years.
In the reporting year, the fee invoiced by the auditor amounted to a total of CHF 72,500 (2020: CHF 440,000).
There were no additional fees in the reporting year.
In particular, the AC is tasked with effective and regular monitoring of the auditor's reports in order to ensure their quality, integrity, independency, and transparency. The auditor's representatives participated in all three AC meetings during the financial year. The audit plan, including the fees, is presented to the members of the AC and discussed with them. In the meetings, the auditor reports the main findings to the AC together with the related recommendations.