REG - Esken Limited - Audit tender outcome and annual general meeting

EskenAnnouncement

30/06/2022 07:00

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RNS Number : 7089Q  Esken Limited  30 June 2022

30 June 2022

ESKEN LIMITED

('Esken' or 'the Group')

 

Audit tender outcome and annual general meeting

 

Esken, the aviation and renewables group, announces the outcome of its audit
tender process.

 

During the year ended February 2022, the Company's Audit Committee agreed to
undertake a tender for the position of auditor for the 2023 financial year and
beyond. In the UK, as required by the Statutory Auditors and Third Country
Auditors Regulations 2016 (SATCAR), all Public Interest Entities (PIEs) have
to conduct a tender for audit services at least every 10 years and the
February 2022 audit just concluded was the tenth provided by KPMG LLP.

A shortlist of firms to be asked to tender was agreed by the Audit Committee.
The Chief Financial Officer and Group Financial Controller made contact with
the shortlisted firms to enquire whether they would be in a position to
tender, along with a summary of the timescales for certain milestones within
the tender process. Proposals were received from the incumbent auditor, KPMG
LLP, and Mazars LLP. The remaining shortlisted firms declined to tender on
grounds of capacity and staffing issues with their current audits in the
timeframe required.

A special Audit Committee meeting was convened where the tender documents were
discussed and debated, including proposals as to fees. Subsequent to this
meeting, the Audit Committee unanimously recommended the appointment of Mazars
LLP to the Board. The Board agreed with that recommendation. The Audit
Committee and the Board noted that Mazars LLP met the required professional
standards, demonstrated a good understanding of the Group and its sectors,
showed objectivity, independence and integrity, had included a  competitive
proposal on fees and would be well placed to serve the needs of shareholders
and other stakeholders by providing a high quality service.

Further to the announcement made by the Company on 13(th) June 2022 with
regard to its annual general meeting (AGM), the appointment of Mazars LLP will
be the subject of Resolution 8 proposed for consideration at the AGM to be
held on 13 July 2022.

 

 Esken Limited                            C/O Tulchan Communications
 Charlie Geller, Communications Director

 Tulchan Communications                   +44 207 353 4200
 Olivia Peters / David Allchurch          esken@tulchangroup.com

 

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