Directors and officers (D&O) insurance
The Telekom Austria Group has concluded a directors and officers (D&O) insurance policy for the members of the Group’s Management Board, executives and the members of the Supervisory Board. It also pays the associated costs.
Deloitte Audit Wirtschaftsprüfungs GmbH has credibly demonstrated its impartiality to the Audit Committee of the Supervisory Board, in particular regarding reporting in accordance with section 270 (1a) of the Austrian Business Enterprise Code (‘UGB’). A detailed analysis by the Audit Committee revealed no legal obstacle to the appointment of Deloitte Audit Wirtschaftsprüfungs GmbH. The Annual General Meeting on 28 May 2014 appointed Deloitte Audit Wirtschaftsprüfungs GmbH as the auditor of the Annual and Consolidated Financial Statements for the 2014 financial year.
The expenses incurred by the Telekom Austria Group for the audit of the Annual and Consolidated Financial Statements by the Deloitte network amounted to EUR 1.2 mn in the 2014 financial year and were therefore stable year-on-year (2013: EUR 1.2 mn). A further EUR 2.0 mn was incurred for other assurance services by Deloitte in the 2014 financial year.