Corporate Governance

The Annual General Meeting on 11 May 2017 appointed Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft, Stuttgart as auditor for the annual financial statements, as group auditor, and as auditor for the review of interim financial reports, to the extent that these are subjected to a review, for fiscal year 2017.

The nomination was preceded by an examination of independence. This ruled out any business, financial, personal and other relations between auditors and their corporate bodies as well as chief auditors on the one hand and LEONI AG as well as members of its corporate bodies on the other hand that might give cause to doubt the independence of the auditor. Ernst & Young issued a correspondingly binding declaration of independence in this respect.

The Supervisory Board furthermore agreed with the auditor that the latter would be notified without delay of findings and occurrences material to its duties that arise during execution of the audit. Accordingly, the auditors are obliged to advise the Supervisory Board, or note in their audit report, if pieces of information are found that point to incorrectness in the declaration pursuant to the Code submitted by the Management and Supervisory Board.

Ernst & Young audited and granted an unqualified certificate for the 2016 financial statements and the management report of LEONI AG prepared in accordance with the German Commercial Code as well as the consolidated financial statements and the group management report prepared in accordance with IFRS.

The auditors responsible pursuant to Article 319a (1) Sentence 4 of the German Commercial Code (HGB) were Udo Schuberth and Gero Schütz. With regard to the financial statements 2016 Udo Schuberth audited as responsible auditor for the fourth time starting with the financial statements 2013 and with regard to the financial statements 2016 Gero Schütz audited as responsible auditor for the fifth time starting with the financial statements 2012.

The following expenses were recognised in the past financial year for work performed by the auditors appointed to audit the financial statements and consolidated financial statements as at 31 December 2016: € 829 k (previous year: € 904 k) for the audit, € 210 k (previous year: € 203 k) for the auditors’ review of the six months financial statements and € 108 k (previous year: € 30 k) for other assurance services, € 921 k (previous year: € 572 k) for tax consulting services and € 762 k (previous year: € 146 k) for other services.

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