IIAS Says NO To Auditor Reappointment
Published on Thu, Jun 07,2012 | 20:30, Updated at Thu, Jun 07 at 20:33Source : Moneycontrol.com
In this report proxy advisory firm IIAS has recommended that shareholders vote in favour of all resolutions proposed by Reliance Industries except the auditor reappointment resolution. IIAS explains why...
"We have expressed out reservations about the tenure of all three auditors. Chaturvedi & Shah, and Rajendra & Co have been auditors for at least 35 years, while Deloitte Haskins and Sells was appointed in FY06. None of the three auditors has changed its signing partner for the last five years. The ratio of non-audit to audit fees has been close to the threshold of 50%."
For more on IIAS views on the Reliance resolutions please read the attached report.
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