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.
PricewaterhouseCoopers AG has been the auditor of the Geberit Group and Geberit AG for more than 20 years. In the interest of good corporate governance, Geberit therefore issued an invitation to tender for the award of the audit mandate in 2024. As a result of this process, a proposal will be made at the next General Meeting to elect Ernst & Young AG (EY) as the new auditor of the Geberit Group and Geberit AG as of the 2025 financial year. In electing EY as the new auditor, Christoph Michel is planned as new lead auditor.
8.2 Auditing fees
In 2024, PricewaterhouseCoopers invoiced the Geberit Group TCHF 1,804 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 124 relating to tax consultancy and support and TCHF 133 for other services. Other services include TCHF 32 for support with the statutory financial statements, TCHF 32 for EU taxonomy consulting and TCHF 23 for customs consulting.
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).
For details on the change of auditor at the Geberit Group and Geberit AG, see 8. Auditors, 8.1 Duration of the mandate and term of office of the lead auditor.