Expert Corporate Governance Service (ECGS)
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Etude de l'AG du 10/05/2017

Item 5: KPMG, Berlin, is proposed as auditor for the current financial year. We have no concerns over the ratio of non-audit/audit fees. However, we note that KPMG has audited the Company since the financial year 2002 which exceeds our maximum acceptable term of office of 10 years or 20 years in case an audit tender has taken place after the initial engagement period, which has not been disclosed by the Company. We consider a longer term of office may impair the auditor's independence. We therefore recommend opposing the re-election of KPMG as auditor.​

Sapec S.A.

Sapec engages in a variety of activities, including the following: Crop Protection, which consists of the post synthesis, the solid and liquid formulation, the packaging and the distribution; Crop Nutrition, which involved in the production and sale of products providing integral solutions; Chemicals Products and Environment, which involved in the production, the packaging and distribution of chemical products; Agro Commodities Distribution, which importing and distributing raw materials; Logistics, which includes two port terminals and the multipurpose land-based terminals; and Renewable Energy, which produces renewable energy from Hydro, wind and sun sources.


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