A statutory auditor and a deputy must be appointed for every Public Limited Company, unless the company makes public offerings, in which case two auditors and two deputies must be appointed. The auditors must be convened at all general meetings.
The first auditor and his deputy must be appointed in the articles of association or at the constituent general meeting. The question of whether two individuals belonging to the same firm, or a firm and an individual belonging to that firm may be appointed as statutory auditor and deputy respectively will depend on the national legislation and the professional rules applicable in the member state concerned.
The initial term of office of statutory auditors and their deputies is two financial years, expiring at the end of the ordinary general meeting at which the company’s annual accounts for the second financial year are submitted to the shareholders for approval.
After the first term of office, the auditors are appointed by the ordinary general meeting for six financial years. Each such term of office expires at the end of the ordinary general meeting at which the company’s annual accounts for the last of such six financial years are submitted for approval.