Advisors

Our auditors

Our auditors are Ernst & Young LLP. They have been our auditors since our initial listing. They provide our Audit Committee with reports, information and advice throughout the year. They are also required to review whether or not we comply with the provisions of the UK Corporate Governance Code.

The Audit Committee meets with the auditors without management present to discuss any significant issues, not least the conduct of the audit. In addition, the Committee Chairman has regular contact with the lead audit partner outside of formal Committee meetings.

Audit tender

The UK Competition and Markets Authority’s (CMA) Statutory Audit Services Order (Order) states, amongst other matters, that FTSE 350 listed companies should put their external audit contract out to public tender at least every 10 years.

Following completion of the public tender in 2016, the Audit Committee recommended the re-appointment of Earnst & Young LLP as the Company’s Statutory Auditor. The next mandatory audit tender will be required by 2024.

 

Non-audit services

The Company has a non-audit services policy that sets out the circumstances in which we may appoint our external auditors to undertake additional non-audit work.

The Non-audit services policy provides clear definitions of services that our external auditors may and may not provide.

The relevant points from the 2017 Audit report include:

  • The Audit Committee is satisfied that Ernst & Young’s objectivity and independence has not been affected by any non-audit work undertaken by them during the year

  • There were no breaches in 2017 of the US$50,000 non-audit threshold requiring prior approval by the Committee.

  • The non-audit spend for the year was 32.4% of the total audit fee with the majority of these costs relating to two specific operational projects and an impact assessment of the introduction of VAT charges in the UAE. Towards the end of 2017, EY were also appointed to assist with a strategic project

The external auditors are automatically prohibited from carrying out work which might impair their objectivity.

Read more about how we work with our external auditors

Other advisors

Service Company

Legal Advisor to the Company as to English Law:

Freshfields Bruckhaus Deringer
65 Fleet Street
London EC4Y 1HS

Registrar

Link Market Services (Jersey) Limited
12 Castle Street
St Helier
Jersey JE2 3RT

 

Executive Remuneration Consultancy

Deloitte LLP
2 New Square Street
London EC4A 3BZ

 

Brokers

Goldman Sachs
Peterborough Court
113 Fleet Street
London EC4A 2BB

JP Morgan Cazenove
10 Aldermanbury
London EC2V 7RF

Corporate and Financial PR

Tulchan Communications LLP
85 Fleet Street
London EC4Y 1AE