8.1. Duration of the mandate and term of the chief auditor
The General Meeting elects the auditor for terms of one year. Ernst & Young AG, Lucerne, was elected auditor of HOCHDORF Holding Ltd and its subsidiaries for 2015. Bernadette Koch has been the chief auditor since 2014. Ernst & Young AG has been the auditor since 2014.
8.2. Audit fee
Calculated on an accrual basis, the expenses of the auditor Ernst & Young AG for the audit of the individual financial statements and the consolidated financial statements for 2015 amounted to approximately CHF 98 thousand (exclusive of VAT).
8.3. Additional fees
Additionally, expenses of CHF 49 thousand (exclusive of VAT) are included in the reporting period for consulting services of Ernst & Young.
8.4. Instruments for supervising and controlling the audit
The Audit Committee of the Board of Directors assesses the performance, invoicing and independence of the external auditors and makes recommendations to the Board of Directors. Every year, the Audit Committee checks the scope of the external audits, the audit plans and the relevant processes and discusses the audit results with the external auditors. In 2015, the chief auditor attended three meetings of the Audit Committee.