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ANNUAL REPORT 2011
III.17. Indication of the annual compensation paid to the auditor and to other individuals or groups
that belong to the same network supported by the company and/or by any group that bears with
it a control or group relationship and the percentage of the total amount paid for the following
services:
a) Statutory account review services;
b) Other audit reliability services;
c) Tax consulting services;
d) Other non-statutory auditing services.
A description of the auditor’s independency safeguarding measures is required, should the auditor
provide any of the services described in sub-paragraphs c) and d).
For this purpose, the concept of network is the one stated in the European Commission
Recommendation nº C (2002) 1873, 16 May.
The company’s auditor isPriceWaterhouseCoopers, which in2011 invoiced the companyand its subsidiaries
and associates included in the consolidation perimeter the total value of 200,345,00 euros, for:
- Auditing and legal certification services
173,235
€
(86%)
- Services rendered in the SNC conversion 10,000
€
(5%)
- Other Consultancy services
17,070
€
(9%)
The external auditor shall examine, within its competence, the implementation of policies and systems of
remuneration, the efficiency and functioning of internal control mechanisms and reports any deficiencies
to the Statutory Audit Committee.
Regarding compliance with the independence rules established with respect to the External Auditor, the
Statutory Audit Committee monitored the rendering of non-auditing services with the purpose to ensure
that no conflict of interest situations existed. By the External Auditor it was developed in Ibersol Group a