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NederlandsSupervision 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 2011 Ordinary General Meeting.
Remuneration of the statutory auditor
The world-wide audit remuneration for the statutory auditor totalled € 1.8 million including € 0.4 million for the statutory audit of the parent company.
During 2007 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 € 2.4 million. The latter includes € 0.2 million for services rendered by affiliated companies of the statutory auditor. The remaining € 2.2 million relates to services rendered by the group statutory auditor, of which € 1.6 million is related to attestation services (mainly for the spin-off of the Zinc Alloys business and the subsequent IPO of Nyrstar) and € 0.6 million to other services. In accordance with article 133 of the Companies Code, the audit committee of Umicore has granted an exemption to exceed the one-to-one ratio.
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.