Business
Result of External Audit Tender
Result of External Audit Tender.
About this update from Chesnara Plc
[{"type":"text","content":"\n \nRNS Number : 2423X Chesnara PLC 23 November 2017 \n\n \nChesnara plc\n(the \"Company\")\nResults of the Audit Tender Process\nChesnara plc announces that, following the conclusion of a formal tender process led by the Company's Audit & Risk Committee, the Board of Directors has approved the re-appointment of Deloitte LLP (\"Deloitte\") as auditor of the Chesnara plc group (the \"Group\"). \nThe Company stated its intention to tender the audit in the Group's Interim Financial Statements issued 31 August 2017. A formal competitive tender process was completed, overseen by the Group's Audit & Risk Committee. UK and EU law now requires an auditor's maximum period as auditor to a listed company to be 20 years, with a competitive tender process required at least once every 10 years. \nDeloitte, the Group's current auditor, will, subject to shareholder approval at the forthcoming 2018 Annual General Meeting (\"AGM\"), continue in the role and undertake the audit of the Group's financial statements for the financial year ending 31 December 2018. \nThe Board would like to thank Deloitte and the other firms who took part in the tender. \nFor further information, please contact:\nRoddy Watt\nDirector, Capital Markets\nFWD, Forward thinking communications\nT 020 7280 0651 \nW www.fwdconsulting.co.uk\n \nNotes to Editors \nChesnara plc ('Chesnara'), which listed on the London Stock Exchange in May 2004, is the owner of Countrywide Assured plc ('CA plc'), Movestic Livförsäkringar AB ('Movestic') and Chesnara Holdings BV. Chesnara Holdings BV. is, the intermediate holding company of 'Waard Group' and 'Scildon'.\n \nCA plc is a UK life assurance subsidiary that is closed to new business. In June 2005 Chesnara acquired a further closed life insurance company - City of Westminster Assurance - for £47.8m. With effect from 30 June 2006, CWA's policies and assets were transferred into CA plc. Save & Prosper Insurance Limited and its subsidiary, Save & Prosper Pensions Limited, were acquired on 20 December 2010 for £63.5 million. With effect from 31 December 2011, the business of Save & Prosper was transferred into CA plc. On 28 November 2013 Chesnara acquired Direct Line Life Insurance Company Limited (subsequently rename...