Governance Newsletter 3 - October 2012

Practical rule for the procedure regarding the nomination and reelection of the external auditor and in order to guarantee the quality and transparency of the external audit.

The Corporate Governance Commission has prepared, in the context of the developments at European level related to the strengthening of quality and transparency of audit, a practical rule related to the appointment of the auditor.  This rule is based on point 5.2/20 of the Belgian Code of Governance related to the procedure of appointment and reappointment of the auditor that stipulates that "the audit committee submits to the Board a proposal on the selection, the appointment and reappointment of the external auditor, as well as on the condition of his nomination. The Board submits a proposal for approval to the shareholders".


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