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«Transparency Report for Financial Year 2012/2013 KPMG Accountants B.V. December 2013 Introduction The European Eighth Company Law Directive ...»

-- [ Page 6 ] --

KPMG International is an entity which is legally separate from each member firm. KPMG International and the member firms are not a global partnership, joint venture or partnership with each other. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to oblige or bind any member firm.

6.2 Responsibilities and obligations of member firms Under agreements with KPMG International, member firms are required to comply with KPMG International’s policies and regulations including quality standards governing how they operate and how they provide services to clients to compete effectively. This includes having a firm structure that ensures continuity and stability and being able to adopt global and regional strategies, share resources (incoming and outgoing), service multinational clients, manage risk, and deploy global methodologies and tools. Each member firm takes responsibility for its management and the quality of its work.

Member firms are also required to have the capability to provide certain types of core services and to refer work to other member firms where appropriate (for example, if the engagement concerns work in that other member firm’s country and that other member firm has the required capacity and expertise to perform the work).

KPMG International’s activities are funded by amounts paid by member firms. The basis for calculating such amounts is approved by the Global Board and consistently applied to the member firms. A firm’s status as a KPMG member firm and its participation in the KPMG network may be terminated if, among other things, it has not complied with the policies and regulations set by KPMG International or any of its other obligations owed to KPMG International.

This represents combined information of the separate KPMG Member firms that perform professional services for clients. It is combined solely for * presentation purpose © 2013 KPMG Accountants B.V. is a Curaçao limited liability company with branches elsewhere and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Curaçao.

6.3 Professional Indemnity Insurance A substantial level of insurance cover is maintained in respect of professional negligence claims. The cover provides a territorial coverage on a worldwide basis and is principally written through a mutual that is available to all KPMG member firms.

6.4 Governance structure The key governance and management bodies of KPMG International are the Global Council, the Global Board, and the Global Executive Team.

The Global Council focuses on high-level governance tasks and provides a forum for open discussion and communication among member firms. It performs functions equivalent to a shareholders’ meeting (albeit that KPMG International has no share capital and, therefore, only has members, not shareholders). Among other things, the Global Council elects the Chairman for a term of up to four years (renewable once) and also approves the appointment of Global Board members. It includes representation from 55 member firms that are “members” of KPMG International as a matter of Swiss law. Sub-licensees are generally indirectly represented by a member.

The Global Board is the principal governance and oversight body of KPMG International. The key responsibilities of the Board include approving strategy, protecting and enhancing the KPMG brand, overseeing management of KPMG International, and approving policies and regulations. It also admits member firms and ratifies the Chairman’s appointment of the Deputy Chairman and members of the Global Executive Team.

The Board includes the Chairman, the Deputy Chairman, the Chairman of each of the three regions (the Americas; Asia Pacific (ASPAC); and Europe, the Middle East, and Africa (EMA)) and a number of senior partners of member firms. One of the Board members is elected as the lead director by those Board members who are not also members of the Global Executive Team (“nonexecutive” members). A key role of the lead director is to act as liaison between the Chairman and the “nonexecutive” Board members.

The Board is supported in its oversight and governance responsibilities by several committees, including a Governance Committee; an Audit, Finance, and Investments Committee; a Compensation and Nomination Committee; a Quality and Risk Management Committee; a Professional Indemnity Insurance Committee; and a Board Process and Evaluation Committee. The lead director nominates the chairs and members of Board committees for approval by the Board.

The Global Executive Team is the principal management body of KPMG International. The Global Executive Team drives the execution of the strategy approved by the Global Board and establishes processes to monitor and enforce policy compliance. It is led by the chairman and includes the deputy chairman, the chief operating officer, global practice heads, regional leaders, and a number of senior partners of member firms.

© 2013 KPMG Accountants B.V. is a Curaçao limited liability company with branches elsewhere and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Curaçao.

The Global Executive Team is supported by Global Steering Groups responsible for executing the approved strategy and business plan in their respective areas. In particular, the Global Quality & Risk Management Steering Group operates under delegated authority from the Global Executive Team.

Each member firm is part of one of three regions (the Americas, ASPAC, and EMA). Each region has a Regional Board comprising a regional chairman, regional chief operating or executive officer, representation from any sub-regions, and other members as appropriate. Each Regional Board focuses specifically on the needs of member firms within their region and assists in implementation of KPMG International’s policies and processes within the region.

Further details about KPMG International including the governance arrangements, can be found in its Transparency Report, which is available at http://kpmg.com/Global /en/WhoWeAre/Documents/Transparency-Report.pdf.

6.5 Area Quality & Risk Management Leaders KPMG International has a network of Area Quality & Risk Management Leaders (AQRMLs), reporting to the Global Vice Chair–Quality and Risk Management The AQRMLs are members of the Global Quality & Risk Management Steering Group and each AQRML is allocated an area which covers one or more member firms (typically several). Their role is to enhance the KPMG network’s ability to proactively monitor quality and risk management across member firms.

© 2013 KPMG Accountants B.V. is a Curaçao limited liability company with branches elsewhere and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Curaçao.

7. Statement of the Board of KPMG Accountants B.V. on the effectiveness of quality controls and independence The measures and procedures that serve as the basis for the system of quality control for KPMG Accountants B.V. outlined in this report aim to provide a reasonable degree of assurance that the statutory audits carried out by our firm complies with the applicable laws and regulations. Because of its inherent limitations, the system of quality controls is not intended to provide absolute assurance that non-compliance with relevant laws and regulations would be prevented or detected.

The Board of KPMG Accountants B.V. has considered:

the design and operation of the quality control systems as described in this report the findings from the various compliance programs operated by our firm (including the KPMG International Review Programs as described in section 3 and our local compliance monitoring programs); and findings from regulatory inspections and subsequent follow up and/or remedial actions.

Taking all of this evidence together, the Board of KPMG Accountants B.V. confirms with a reasonable level of assurance that the systems of quality control within our firm have operated effectively in the year to 30 September 2013.

Further, the Board of KPMG Accountants B.V. confirms that an internal review of independence compliance within our firm has been conducted in the year to 30 September 2013.

–  –  –

© 2013 KPMG Accountants B.V. is a Curaçao limited liability company with branches elsewhere and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Curaçao.

Appendix 1 Details of those charged with governance at KPMG Accountants B.V.

–  –  –

© 2013 KPMG Accountants B.V. is a Curaçao limited liability company with branches elsewhere and a member firm of the KPMG network of independent

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