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Corporate governance advisor PIRC pushes for shareholder hard line on audit

By Stephen Bouvier2021-04-20T14:51:00+01:00 PIRC has recommended shareholders vote against the reappointment of Ernst & Young as auditors of NatWest Group. The corporate governance advisory said in a formal voting recommendation ahead of the NatWest Group annual general meeting next Wednesday that its assessment was based on the audit firm’s approach to the so-called expectations gap in audit. Tim Bush, head of governance and financial analysis at PIRC, said: “The expectations of auditors are very much higher than is pretended. Until these firms recognise that fact, then why should anyone trust them to be able to vote for them?”

TERMS OF REFERENCE TO AUDIT OR REVIEW OPERATIONS FINANCED BY THE BANK GROUP

APPENDIX A 1.0 BACKGROUND 1.1 The African Development Bank Group (the Bank) has been supporting the Government of Somaliland in its developmental efforts. A Grant of UA 5.4 million was approved in June 2016 to finance the Water Infrastructure Development for Resilience in Somaliland. 1.2 The Water for Infrastructure Development for Resilience project consists of the following three components: - · The construction and rehabilitation of water and sanitation infrastructure: This component is focused on providing access to water in order to meet high-priority needs in drought-stricken areas. · Capacity Building: This component will support the capacity development of the Ministry of Water Resource (MoWR) in Somaliland including the beneficiary communities. Proposed activities include; procurement of essential Operation and Maintenance (O&M) and laboratory equipment and training.

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