Chrysler 2010 Annual Report Download - page 395

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the fee proposals for execution of the work ranged from a minimum of e52,492,948.00 to a maximum of e82,653,518.00
for the period;
mechanisms would exist to avoid situations potentially compromising the auditors’ independence.
On the basis of the description of principles, criteria, methods and scope of the examination and audit activities that the
prospective audit firms intend to adopt in relation to execution of the mandate, the Board of Statutory Auditors considers the
adequacy and completeness of the audit plans to have been suitably illustrated.
In particular, no elements emerged in relation to which the independence, technical capability, organization or experience of
the participants would be considered inadequate to the breadth and complexity of the proposed mandate. This is indirectly
confirmed by the fact that many other Italian and foreign companies – both listed and non-listed – have engaged the above
audit firms for similar activities.
Considering their substantial equivalence in other areas examined, and even though it cannot and should not constitute the
principal factor considered in relation to the mandate to be executed, the Statutory Auditors deem it important to also take the
level of proposed fees into account.
The Board of Statutory Auditors, therefore, proposes that Reconta Ernst & Young S.p.A. be appointed as the Company’s
independent auditors for the nine-year period 2012-2020.
The firm estimates that, in relation to Fiat S.p.A. and subsidiaries, it will spend a total of 1,130,750 hours over the period,
of which:
in relation to Fiat S.p.A.:
7,020 hours for audit of the statutory and consolidated financial statements, including audit activities carried out during the
financial year;
5,460 hours for limited audits of the half-year condensed financial statements;
for audit activities relating to subsidiaries:
1,118,270 hours.
The total fee proposed is e52,492,948.00, of which:
in relation to Fiat S.p.A.:
e356,592.00 for audit of the statutory and consolidated financial statements, including audit activities carried out during
the financial year;
e277,350.00 for limited audits of the half-year condensed financial statements;
for audit activities relating to subsidiaries:
e51,859,006.00.
AGENDA
AND RELATED
REPORTS
AND MOTIONS