Vattenfall - Auditors

Auditors

The Swedish state’s ownership policy states that responsibility for election of auditors of state-owned companies shall always rest with the owner by decision of the Annual General Meeting, and that the Swedish National Audit Office can appoint one or more auditors to participate in the annual audit.

The 2008 Annual General Meeting re-elected Ernst & Young AB as auditor, with Authorised Public Accountant Hamish Mabon as new Auditor-in-charge. This appointment applies for a term lasting through the 2012 AGM. In addition to his assignment with Vattenfall, Hamish Mabon has auditing assignments with the following companies, among others: Hexagon AB, Relacom Holding AB, Scania Sverige AB and DeLaval International AB. Hamish Mabon has no assignments with companies that affect his independence as an auditor of Vattenfall. The Swedish National Audit Office has appointed Authorised Public Accountant Per Redemo to serve until the 2012 AGM. He has held this position since 2004. Per Redemo is the appointed auditor for Vattenfall AB, Sveriges Radio AB and Chalmers Tekniska Högskola AB, and he is auditor-in-charge for the following authorities/state enterprises: the Swedish Tax Agency, the Swedish National Board of Student Aid (CSN), and Swedish State Railways. Per Redemo has no assignments for companies that affect his independence as an auditor of Vattenfall. The auditors are present and report at the Board meeting concerning the annual report and meet with Vattenfall’s CEO and CFO on a number of occasions throughout the year. In addition, the auditors maintain ongoing contact and attend meetings of the Board’s audit committee. When more extensive consulting is required from the elected auditors, such assignments must first be considered and approved by the Audit Committee. The Group’s audit costs are described in more detail in Note 47 to the consolidated accounts and Note 39 to the parent company accounts in the annual report.

Download Vattenfall's annual report 2007 (PDF 5848 kb)

Consulting provided by Ernst & Young AB from 2005-2007 pertained primarily to tax and accounting issues.