PracticeAuditRoyal & Sun Alliance investors vote to keep PwC

Royal & Sun Alliance investors vote to keep PwC

Calls for investors to object to the appointment of PricewaterhouseCoopers as auditors of insurance company Royal & Sun Alliance fell on deaf ears last week after the Big Four firm was unanimously voted to continue its work.

Link: Royal & Sun Alliance told to ditch PwC over fees

Shareholder activist group Pensions Investment Research Consultants (PIRC) had told shareholders in the company that it should oppose PwC’s reappointment due to the level of non-audit work that is carried out by the firm, threatening its independence and objectivity.

However these concerns were not shared by the majority of stakeholders, with 56% voting for reappointment, compared with 2.5% voting against.

Similar concerns with KPMG’s position as auditor of high street bank HSBC were also ignored, with just 1.1% objecting to their reappointment.

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