Based on the proposal of the Board of Directors, the Assembly of Delegates of the Federation of Migros Cooperatives elects an independent auditing company as the external Board of Control. The Board of Control is appointed for a term of office of two years and may be reappointed.
Based on the recommendations of the Audit Committee of the Federation of Migros Cooperatives (FMC), the FMC Board of Directors proposes an independent auditing company to be elected by the Assembly of Delegates.
In March 2024, the FMC Assembly of Delegates confirmed Ernst & Young (EY) as the FMC Board of Control and the auditor of the Migros Group for the financial years 2024 and 2025 (since the financial year 2022).
Based on the recommendation of the bodies of the ten regional Migros Cooperatives, the boards of directors propose an independent auditing company to the Cooperative Councils or voting circles for election. It is elected as auditor of the subsidiaries of the FMC as part of the overall mandate.
The Board of Control is responsible for assessing the FMC consolidated financial statements with regard to their compliance with Swiss GAAP FER and Swiss law, and the compliance of the separate financial statements of the Federation of Migros Cooperatives, the ten regional Cooperatives and other Group companies.
Across the Group, EY invoiced the following fees for services performed in relation to the 2024 and 2023 financial statements:
|
In CHF 1’000 |
2024 |
2023 |
|
Auditing services |
7’865 |
6’850 |
|
Other services |
747 |
1’014 |
|
Total |
8’612 |
7’864 |
The auditing services include the following duties:
Miscellaneous other services cover the areas of tax consulting, accounting and due diligence audits performed in 2024 and 2023.