Auditors in Swedish limited companies are elected by the AGM and tasked with scrutinising the Company’s financial reporting and management of the Company by the Board and the Chief Executive Officer. Pursuant to the Swedish Companies Act, the term for auditors in Swedish limited companies is four years. Since the appointment at the AGM 2005, and up until the AGM 2009, the Group’s statutory auditor is Deloitte AB with Mr. Peter Gustafsson as the responsible partner. Deloitte is part of Deloitte Touche Tomatsu, with global operations in auditing and other consulting services. Mr. Gustafsson (born 1956) is a member of FAR-SRS, the Swedish professional institute for authorised public accountants and approved public accountants. Mr. Peter Gustafsson has been an authorised public accountant since 1986. In addition to the Rezidor Hotel Group AB, Peter Gustafsson has audit engagements with SAAB Automobile, Teleca Technology, Ekman, Nexus, SAS AB, Akademiska Hus, Port of Gothenburg and Förvaltnings AB Framtiden. Peter Gustafsson was previously an auditor at Elanders, Connex Transport and Song Networks, Ports of Stockholm, among others.
The auditors follow an audit plan that incorporates the comments and concerns of the Board, and report their observations to the Board during the course of the audit and in conjunction with the establishment of the 2007 Annual Report in 2008. The auditor attended four out of five meetings of the Audit Committee during the year. On one occasion the Board met with the Company’s auditor without the Chief Executive Officer or anyone else from the Company management present. Deloitte submits an audit report regarding Rezidor Hotel Group AB, the Group and an overwhelming majority of subsidiaries. During the year 2007, the auditors have had consulting assignments outside the audit, mainly concerning issues related to the interpretation of IFRS and ad hoc tax advice.
Compensation
The auditors receive a fee based on a current account for their work in accordance with a decision of the Annual General Meeting. For information about the auditors’ fee in 2007 see Note 39.