Audit

The main function of statutory auditing is to verify that Konecranes’ financial statements represent a true and fair view of the Group’s performance and financial position for the financial year, which is the calendar year. The Auditor reports to the Board’s Audit Committee on a regular basis, and is obliged to audit the validity of the Company’s accounting and closing accounts for the financial year and to give the General Meeting an auditor’s report. Konecranes’ Auditors are elected by the AGM and hold office until further notice. The same auditor with principal responsibility may not serve for more than seven financial years. A proposal for the election of external auditors made by the Audit Committee shall be announced in the invitation to the AGM. The Audit Committee strives to put the selection of the external auditor out to tender at regular intervals.

Ernst & Young Oy, Authorized Public Accountants, has been the Company’s external auditor since 2006. Mr. Roger Rejström served as Principal Auditor in 2011. Ernst & Young Oy and its affiliated audit companies received EUR 1,572,000 in fees for auditing Konecranes Group Companies in 2011, and fees of EUR 742,000 for non-audit services.