8. Auditors
8.1 Duration of the mandate and term of office of the lead auditor
PricewaterhouseCoopers AG, Zurich (CH), has been the auditor of the Geberit Group since 1997 and of Geberit AG since its foundation in 1999. Lead auditor Thomas Illi has been in charge of the auditing mandate since 2022. The lead auditor is rotated every seven years.
Geberit intends to issue an invitation to tender in 2024 for the award of the audit mandate as of the 2025 financial year.
8.2 Auditing fees
In 2022, PricewaterhouseCoopers invoiced the Geberit Group TCHF 1,717 for services in connection with the audit of the financial statements of Group companies as well as the Consolidated Financial Statements of the Geberit Group.
8.3 Additional fees
For additional services, PricewaterhouseCoopers invoiced TCHF 164 relating to tax consultancy and support as well as TCHF 42 for other services. Therefore, the non-audit fees amount to 12% of the audit fees.
8.4 Information tools of the external auditors
The external auditors take part in two of the meetings of the Audit Committee. In the first meeting of the year, they present their report on the financial statements. The second meeting, which takes place in the third quarter, focuses on the planning of the upcoming audit of the financial statements and developments in the regulatory environment. Representatives of the internal auditors attend all meetings of the Audit Committee for specific agenda items, and to comment on their activities and answer questions.
The Audit Committee of the Board of Directors makes an annual assessment of the performance, fees and independence of the auditors, and supports the Board of Directors in the nomination of the auditor for the attention of the ordinary General Meeting. The Audit Committee uses the following criteria to assess the performance and fees of the auditors: technical and operational expertise; independence and objectivity; adequate use of resources; focus on areas that involve significant risk for Geberit; willingness to challenge and re-evaluate; ability to provide effective, practical recommendations; open and effective communication and coordination with the Audit Committee, the internal auditors and the Group Executive Board. Every year, the Audit Committee determines the scope and planning of the internal audit, coordinates them with those of the external audit and discusses the audit results with the external and internal auditors. For more details on the Audit Committee, see 3. Board of Directors, 3.5 Internal organisational structure, Audit Committee (AC).