In accordance with Varma’s Articles of Association, the General Meeting elects an Auditor and, unless the Auditor is an audit company, a Deputy Auditor. In accordance with Varma’s Articles of Association, the 2024 General Meeting elected one Auditor, which is an audit company, for the Company. The Auditors’ term ends at the end of the next Annual General Meeting following their election.
Under the legislation in force concerning auditing, the Auditors’ duty is to audit Varma’s accounting records, Financial Statements, Consolidated Financial Statements and governance. Auditing shall be carried out in accordance with good auditing practice.
The Auditor reports on its work, observations and conclusions in the Auditors’ Report addressed to the Annual General Meeting. In addition to this, the Auditor reports on its observations concerning internal control, financial reporting and other auditing measures to the Board of Directors’ Audit Committee, to the Board of Directors, to the Supervisory Board, to executive management and to the supervisory authority.
The Auditor provides the Board of Directors annually with written confirmation of its independence, required under the legislation in force. The Company’s Board of Directors assesses the independence of the Auditor each year.
The Annual General Meeting on March 15, 2024, elected the auditing firm Ernst & Young Oy as the auditor for the financial year 2024, with Kristina Sandin, Authorized Public Accountant and Authorized Sustainability Auditor as chief auditor according to EY's notification. In accordance with the decision of the Annual General Meeting, Ernst & Young Oy will also verify the sustainability statement for 2024. Kristina Sandin is serving her first year as Varma's chief auditor.
Remuneration paid to the Auditor for statutory auditing in 2023 was EUR 287,332. Remuneration paid to Ernst & Young Oy for expert services other than those related to auditing totalled EUR 45,439 in 2023.