By continuing to use the site,you agree to the use of cookies. You can find out more by following this link. Close Sites Investors Home Search Menu UPM.COMInvestorsGovernanceStatutory audit Statutory audit According to the Articles of Association, UPM has one auditor which shall be a firm of public accountants authorised by the Central Chamber of Commerce of Finland. The Annual General Meeting elects the auditor and resolves on the auditor’s remuneration. The Board of Directors’ Audit Committee prepares the Board's proposal to the AGM for the company’s auditor and for the auditor's remuneration. The AGM 2017 re-elected PricewaterhouseCoopers Oy, a firm of authorised public accountants, as the company’s statutory auditor with Authorised Public Accountant Merja Lindh as the lead audit partner. Ms Lindh holds this position since 8 April 2014. The AGM further resolved that the audit fee will be paid against invoices approved by the Board of Directors’ Audit Committee. Auditor’s remuneration EUR million 2016 2015 2014 2013 2012 Audit fee 2.3 2.3 2.0 2.6 2.9 Audit related services 0.1 0.0 - 0.1 - Tax services 0.7 0.8 0.6 0.9 1.0 Other services 0.5 0.5 0.5 0.1 0.5 Total 3.6 3.6 3.1 3.7 4.4 The Audit Committee evaluates the statutory auditor’s independence, audit and services annually. In addition, the Audit Committee arranges audit tendering processes at regular intervals, latest in 2013. The statutory auditor’s term of office covers the company’s financial period (calendar year) and ends at the closing of the AGM following the election. As a rule, the audit firm elected by UPM’s AGM performs the audit of the company’s Finnish subsidiaries as well, and audit firms belonging to the same chain with it audit the company's other subsidiaries. The statutory auditor provides UPM’s shareholders with the statutory Auditor’s Report in connection with the financial statements and reports on its audit findings to the Board of Directors and to the Audit Committee semiannually or quarterly, respectively. The Audit Committee reviews the statutory auditor’s annual audit plan and approves the framework for the audit fee and for non-audit services related fees. The auditor reports on its audit procedures and incurred fees to the committee quarterly. The committee reviews the related invoices and, if they are in line with the audit plan and within the agreed framework, approves them. PRICEWATERHOUSECOOPERS OY HomeAbout usBusinessesResponsibilityCareersInvestorsupmbiofore.com Back to top For suppliers E-invoicing Certificate finder Safety induction Global operations map Code of Conduct Newsroom Vacancies Contacts Image bank UPM Switchboard: 358 (0) 204 15 111 info@upm.com firstname.lastname@upm.com Responsibility contacts Media contacts Investors contacts Contacts for businesses Subscribe to our news releases Give us feedback Copyright © 2017 UPM. All rights reserved Legal Notice Privacy Policy