AUDITOR REAPPOINTM
Defiance of status quo in Aspen vote
Shareholders at Aspen Pharmacare voted in significant numbers against the reappointment of its external auditors in a move suggesting growing concern about auditor independence.It is the second large listed company in the past week to record a significant change in the pattern of voting on auditor reappointment at annual general meetings. The changing attitude comes in the wake of a controversial proposal by the Independent Regulatory Board for Auditors (IRBA) that companies be required to change their external audit firms every 10 years.At Aspen’s meeting on Tuesday, 14.4% of shareholders voted against the reappointment of PwC, which has audited Aspen’s accounts since it was founded 19 years ago. While the 14.4% falls far short of the 50% needed to block PwC’s reappointment, it represents a significant change from previous years, when the resolution was guaranteed 99.9% support. In 2015, the reappointment resolution received backing from 99.98% of shareholders in attendance.Last we...
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