The Company’s auditors are elected by the Annual General Meeting for a period of four years. The two current auditors were elected at the 2010 and 2007 Annual General Meetings respectively. KPMG was reappointed as MTG’s lead auditor in 2010 and has been external auditor since 1997. George Pettersson, authorised public accountant, was apppointed as a new auditor in charge, for a period of four years, at the 2010 Annual General Meeting. The second auditor is Ernst & Young with authorised public accountant Erik Åström responsible since 2005. Ernst & Young was last elected as second auditor in 2007. The next election of the second auditor will be at the 2011 Annual General Meeting. Ernst & Young has served as co auditor since 1997.
The auditors report their findings to the shareholders by means of the auditors’ report, which is presented to the Annual General Meeting. In addition, the auditors report detailed findings at each of the ordinary meetings of the Audit Committee and to the full Board once a year.
KPMG provided certain additional services for the years 2007, 2008 and 2009. These services comprised advice on the preparation and implementation of internal control testing and reporting procedures, and other assignments of a similar kind and closely related to the auditing process. Ernst & Young provided tax counselling services during 2007, 2008 and 2009.
Audit assignments have involved the examination of the annual report and financial accounting, the administration by the Board and the CEO, other tasks related to the duties of a company auditor and consultation or other services which may result from observations noted during such examination or the implementation of such other tasks. All other tasks are defined as other assignments. For more detailed information concerning the auditors’ fees, see Note 26 of the Annual Report.