Audit tender outcome and annual general meeting
30 June 2022
ESKEN LIMITED
('Esken' or 'the Group')
Audit tender outcome and annual general meeting
Esken, the aviation and renewables group, announces the outcome of its audit tender process.
During the year ended February 2022, the Company's Audit Committee agreed to undertake a tender for the position of auditor for the 2023 financial year and beyond. In the UK, as required by the Statutory Auditors and Third Country Auditors Regulations 2016 (SATCAR), all Public Interest Entities (PIEs) have to conduct a tender for audit services at least every 10 years and the February 2022 audit just concluded was the tenth provided by KPMG LLP.
A shortlist of firms to be asked to tender was agreed by the Audit Committee. The Chief Financial Officer and Group Financial Controller made contact with the shortlisted firms to enquire whether they would be in a position to tender, along with a summary of the timescales for certain milestones within the tender process. Proposals were received from the incumbent auditor, KPMG LLP, and Mazars LLP. The remaining shortlisted firms declined to tender on grounds of capacity and staffing issues with their current audits in the timeframe required.
A special Audit Committee meeting was convened where the tender documents were discussed and debated, including proposals as to fees. Subsequent to this meeting, the Audit Committee unanimously recommended the appointment of Mazars LLP to the Board. The Board agreed with that recommendation. The Audit Committee and the Board noted that Mazars LLP met the required professional standards, demonstrated a good understanding of the Group and its sectors, showed objectivity, independence and integrity, had included a competitive proposal on fees and would be well placed to serve the needs of shareholders and other stakeholders by providing a high quality service.
Further to the announcement made by the Company on 13th June 2022 with regard to its annual general meeting (AGM), the appointment of Mazars LLP will be the subject of Resolution 8 proposed for consideration at the AGM to be held on 13 July 2022.
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Esken Limited |
C/O Tulchan Communications |
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Charlie Geller, Communications Director |
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Tulchan Communications |
+44 207 353 4200 |
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Olivia Peters / David Allchurch |
esken@tulchangroup.com |
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