Nicosia, Cyprus. Agros Development Company Proodos Public Ltd announced a change to its corporate governance after its board of directors decided to appoint a new external auditor for 2025.
Board decision and tender process
The company, which owns the Rodon Hotel, said the board acted within the framework of a decision made at the last annual general meeting that authorised the board to determine the remuneration of the external auditors Baker Tilly for 2025.
After considering a proposal for an increase in fees for auditing services for the 2025 audit, the board decided to seek and request tenders from other auditing firms in Cyprus.
Evaluation of bids and appointment
The company said a formal proposal was received from Ernst and Young Cyprus Ltd, commonly known as EY.
After studying and evaluating the bids, the board considered several factors, including that EY’s proposal was improved compared with the proposal from the existing auditors. The company said the improvement related to both the cost and the overall scope of services.
Consequently, the board decided to award the external audit for 2025 to Ernst and Young Cyprus Ltd.
Next steps
The company said the decision will be submitted for ratification at its next annual general meeting.
What do you expect the company’s next annual general meeting to address regarding the auditor appointment?