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SUPERVISION AND COMPLIANCE
Regulatory supervision
As an issuer of listed securities, Umicore is subject to the listing requirements of Euronext Brussels. In Belgium it is also subject to supervision by the Belgian Banking, Finance and Insurance Commission
Statutory auditor
Umicore has a specific policy regarding the independence of the company auditor. This policy outlines duties and responsibilities of the company and the auditor regarding independence, the exclusion of certain non-audit services and the monitoring of auditor remuneration. Click here to view the independence policy.
The statutory auditor’s mandate expires at the 2008 Ordinary Shareholders’ Meeting.
Remuneration of the statutory auditor
The world-wide audit remuneration of the statutory auditor totalled EUR 1,672,000 including EUR 345,000 for its annual statutory auditing assignment of the parent company.
During 2005 the company also requested the Group auditor to provide assistance and advice on various matters in addition to the statutory audit mission. The fees paid to the statutory auditor for this work amounted to EUR 183,000 for audit-related services (including services related to the demerger of Cumerio) and EUR 386,000 for non-audit related services (including tax advice and assistance in the transition to IFRS).
Code of Conduct
Umicore operates a Code of Conduct for all employees, representatives and Board members. This Code is fundamental to the task of creating and maintaining a relation of trust and professionalism with its main stakeholders namely its employees, commercial partners, shareholders, government authorities and the public.
The main purpose of Umicore’s Code of Conduct is to ensure that all persons acting on behalf of Umicore perform their activities in an ethical way and in accordance with the laws and regulations and with the standards Umicore sets through its present and future policies, guidelines and rules.
Annex 5 of Umicore’s Corporate Governance Charter contains a specific policy related to the application of Belgian legislation regarding market manipulation and insider trading. Click here to view the Corporate Governance Charter.