Result of Audit Tender

RNS Number : 5247Y

Standard Life plc

17 May 2016

 

Standard Life plc

RESULT OF AUDIT TENDER

The Board of Standard Life plc ('the Company') announces its intention to appoint KPMG LLP ('KPMG') as its auditor for the year ending 31 December 2017.

This follows a competitive tender process actively overseen by the Audit Committee, as referred to in the Company's Annual report & accounts 2015, and resulting in a recommendation which was approved by the Board of the Company at a meeting earlier today.

The appointment of KPMG will be recommended to the Company's shareholders for approval at the 2017 Annual General Meeting.

Having been reappointed today at the 2016 Annual General Meeting, PricewaterhouseCoopers LLP ('PwC'), the Company's current auditor, will continue in the role and will undertake the audit of the Group's consolidated accounts for the year ending 31 December 2016.   The current lead partner, Ms Stephanie Bruce, will complete her fifth year as our audit partner at the 2017 AGM and audit rotation rules would only permit the Company to reappoint PwC for three further years. The Audit Committee considered that period of time to be less than optimal and accordingly did not invite PwC to participate in the tender.

Commenting on the upcoming change, Kevin Parry, Chairman of the Audit Committee, said: "PwC has been the Company's auditor since 1994 having been reappointed after the last tender in 2003.  On behalf of the Board, I would like to thank them for the professionalism and care they have demonstrated in their external audit role over many years.

"The tender process was transparent, comprehensive and thorough.  We look forward to a constructive and professional relationship with KPMG in support of the Audit Committee's responsibility to oversee our financial reporting."

The Company, PwC and KPMG will work together to ensure a smooth transition process.  In accordance with applicable legislative requirements in the United Kingdom, the Board will receive from PwC, upon their retirement as auditors, notification of any circumstances which need to be brought to the attention of either the creditors or shareholders of the Company.

17 May 2016

Enquiries:

Media Enquiries Steve Hartley	[phone]* [phone]
Group Secretariat Paul McKenna	[phone]*

* Calls may be monitored and/or recorded to protect both you and us and help with our training. Call charges will vary.

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