External Audit

At the Annual General Meeting of shareholders on 26 March 2009, and in line with best practices in corporate governance, Deloitte SA were newly appointed as Group and statutory auditors of Givaudan SA and its affiliates. At the Annual General Meeting of shareholders on 25 March 2010, Deloitte SA were reappointed. Since March 2009, the responsible principal auditor for the Givaudan audit at Deloitte has been Thierry Aubertin, Partner.

The fees of Deloitte for professional services related to the audit of the Group’s annual accounts for the year 2010 were CHF 3.1 million. This amount includes fees for the audit of Givaudan, its subsidiaries, and of the consolidated financial statements.

In addition, for the year 2010, Deloitte rendered other services (mainly tax-related) for CHF 0.4 million.

The external auditor presents the outcome of the audit directly to the Audit Committee at the end of each reporting year. The Audit Committee is also responsible for evaluating the performance of Deloitte as external auditors pursuant to a set of defined criteria. In addition, the Committee reviews and approves the compensation of Deloitte, evaluates and approves other services provided by the external auditor.

During the year 2010, Deloitte attended all four meetings of the Board’s Audit Committee. The scope of the audit is defined in an engagement letter approved by the full Board of Directors.