8.1. Duration of the mandate and term of the chief auditor
The Annual General Meeting elects the auditor for terms of one year each. Ernst & Young Ltd, Lucerne, was elected auditor of HOCHDORF Holding Ltd for 2019. Ernst & Young Ltd has been the auditor since 2014. Christoph Michel has been the chief auditor since 2018.
8.2. Audit fee
Calculated on an accrual basis, the expenses of the auditor Ernst & Young Ltd for the audit of the individual financial statements and the consolidated financial statements for 2019 amounted to approximately TCHF 320.
8.3. Additional fees
Additionally, expenses of TCHF 3 are included in the reporting period for consulting services of Ernst & Young Ltd.
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 2019, the chief auditor attended two meetings of the Audit Committee.