Chrysler 2010 Annual Report Download - page 394

393
APPOINTMENT
OF INDEPENDENT AUDITORS
Dear Shareholders,
Deloitte & Touche S.p.A.’s mandate as independent auditors, approved by Shareholders on 3 May 2006, will expire with the
issue of their report on the statutory financial statements for the year ended 31 December 2011 and, pursuant to law, is no
longer renewable.
The Board of Directors hereby submits the recommendation of the Board of Statutory Auditors relative to the appointment of
independent auditors for the nine-year period 1 January 2012 – 31 December 2020, which is as follows:
“RECOMMENDATION OF THE BOARD OF STATUTORY AUDITORS OF FIAT SPA FOR THE APPOINTMENT OF INDEPENDENT
AUDITORS FOR THE NINE-YEAR PERIOD 2012 – 2020.
Dear Shareholders,
With the engagement of Deloitte & Touche S.p.A. for the period 2006-2011 nearing expiry, it is necessary to appoint independent
auditors, in accordance with Legislative Decrees 58/1998 and 39/2010.
Fiat S.p.A. invited Reconta Ernst & Young S.p.A., KPMG S.p.A. and PricewaterhouseCoopers S.p.A. to submit proposals for the
nine-year period 1 January 2012 – 31 December 2020 in relation to Fiat S.p.A. and principal subsidiaries. The outgoing auditors,
Deloitte & Touche S.p.A., provided information on their activities to the firms invited to submit proposals.
The three prospective firms, all meeting the necessary legal requirements, submitted proposals.
In response to the Company’s follow-up request, only two of the firms elected to provide additional information, which included
a revised fee proposal.
The Board of Statutory Auditors, with the assistance of the relevant functions within Fiat S.p.A., then proceeded with the
activities necessary to formulate its recommendation, taking into consideration, among other things, that:
each central working team is composed of individuals objectively considered to have an adequate professional profile;
the number of hours required to carry out the audit activities is estimated at between a minimum of 1,130,750 and
a maximum of 1,144,002 for the nine-year period;
all offers incorporate a reduction, albeit at differing levels, in the number of hours for the second and subsequent years,
with a consequent reduction in cost;