TomTom 2011 Annual Report Download - page 40

TomTom Annual Report and Accounts 2011
38
External auditor
The Audit Committee agrees the compensation of the external
auditor and recommends to the Supervisory Board the
appointment of an external auditor subject, in each case, to the
approval of the company’s shareholders at the Annual General
Meeting of Shareholders.
Deloitte Accountants BV has acted as external auditor for the
company since 2004. An extensive review of the performance
and independence of external audit over the previous four years
was carried out in accordance with the Code. The review covered
all audit services provided by the external auditor. Participants in
the review included the CFO and the Audit Committee, as well
as fi nancial leaders in the business. Based upon the outcome of
this review, the Audit Committee recommends to the Supervisory
Board to re-appoint Deloitte for the 2012 fi nancial year-end
audit, subject to the approval of the shareholders at the Annual
General Meeting of Shareholders in 2012. Deloitte has expressed
its willingness to continue in offi ce for the company during 2012.
Resolutions proposing their re-appointment will be submitted to
the forthcoming Annual General Meeting of Shareholders.
During 2011 the external auditor attended the four Audit
Committee meetings to address agenda items relating to the
production of external fi nancial reporting and related press
releases. Management Board members were present during these
meetings. The Audit Committee and the external auditor also met
separately, without the Management Board present, in order to
facilitate free and open discussions.
The Audit Committee reviewed the independence of the external
auditor, taking into account qualitative and quantitative factors.
The committee concluded that the external auditor has suffi cient
objectivity and independence to perform the external audit
function. Below a summary is provided of services performed by
Deloitte Accountants BV, its network affi liates and the fees earned.
Type of service
€ in thousands 2011
% of
total 2010
% of
total
Audit – group 436 31% 473 30%
Audit – statutory 236 17% 227 14%
Audit services1131 9% 109 7%
Non-audit services 00%104 7%
Tax compliance2626 43% 654 42%
Total 1,429 100% 1,567 100%
1 During 2011 audit services consisted of fees related to the audits of entities liquidated in Belgium,
Business Unit Automotive subsidy audits and a privacy audit.
2 Tax compliance comprises of corporate tax compliance services including local tax fi lings and HR
related compliance services.
Financial Statements
—
The consolidated annual Financial Statements of the company
for 2011, as prepared by the Management Board, have been
audited by Deloitte Accountants BV. The Supervisory Board has
approved these Financial Statements for 2011 and all individual
members of the Supervisory Board, together with the members
of the Management Board, have signed the Financial Statements
for 2011. The Supervisory Board recommends to the General
Meeting of Shareholders to adopt the Annual Accounts for 2011.
The Annual Report for 2011 is available at the company’s offi ces
on request and on the company’s website. Upon adoption of the
Annual Accounts for 2011, and in accordance with article 2:394
of the Dutch Civil Code and article 5:25o of the Financial Markets
Supervision Act, the Management Board will fi le the Annual
Accounts for 2011 with the AFM. The members of the Supervisory
Board have signed the annual Financial Statements pursuant to
the statutory obligation under article 2:101 (2) Dutch Civil Code.
The Supervisory Board would like to thank the Management Board
members and all employees for their dedication and hard work
in 2011.
Amsterdam, 28 February 2012
Supervisory Board
Karel Vuursteen
Doug Dunn
Guy Demuynck
Rob van den Bergh
Ben van der Veer
Peter Wakkie
Supervisory Board Report | continued