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.

During 2016 an audit tender process was completed, with the result that Ernst & Young LLP have been retained as the Company’s auditors. Four firms were invited to participate in the tender, and each submitted a comprehensive proposal. Two were shortlisted, and the Audit Committee recommended that EY were retained on the basis that this was in the best interest of the Company and its shareholders. The Board noted that 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 where 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 2016 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 2016 of the US$300,000 non-audit threshold requiring prior approval by the Committee.

  • The non-audit spend for the year was 23.8% of the total audit fee with the majority of these costs relating to the use of EY in certain jurisdictions, mainly in North Africa, the Middle East and Central Asia, to provide advice and in-country tax compliance services.

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

Capita Registrars (Jersey) Ltd
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