8 Independent auditors

8.1 Duration of mandate and term of office of the auditor in charge

8.1.1 Date of acceptance of existing auditing mandate

The General Meeting of Shareholders appoints annually one or more natural or legal entities as the independent auditors in accordance with the legal provisions. The independent auditors examine the company’s adherence to the legal provisions, the statutes and the other regulations.

KPMG Liechtenstein AG, Vaduz, has held the mandate as independent auditor, according to the Law on Persons and Companies and the Banking Law, since the General Meeting of Shareholders on 7 May 2021.

It was re-elected at the General Meeting on 16 April 2025 for another year.

8.1.2 Term of office of the auditor in charge of the current auditing mandate

Moreno Halter has been the auditor in charge since 2021. Mirko Liberto has been responsible for the auditing mandate since 2024.

The auditor in charge changes every seven years.

8.2 Audit fees

In the 2025 business year, KPMG companies invoiced the LLB Group for CHF 1.5 million (previous year: CHF 1.5 million) in respect of audit fees. These fees include the work carried out by the auditors as required by the statutory mandate of the respective regulatory authorities.

In addition, KPMG companies received CHF 196ʼ000 (previous year: CHF 150ʼ000) for services in connection with LLB’s own investment funds.

The Group Audit Committee oversees the fees.

8.3 Additional fees

For other services, KPMG companies invoiced the LLB Group CHF 156ʼ000 (previous year: CHF 387ʼ000) in the 2025 business year.

Audit fees and additional fees

8.4 Information instruments of the external auditors

The external auditors perform their work in accordance with the legal provisions and the standards of the respective country of domicile as well as the International Standards on Auditing.

They regularly report to the Board of Directors, the Group Audit Committee and the Group Executive Board regarding their findings and recommendations. The most important instrument is the regulatory audit report. This summarised report is submitted in writing to the Board of Directors once a year. The lead engagement partner responsible for the auditing mandate reports back to the Group Risk Committee on an annual basis.

All reports from the internal and external auditors that affect all Group companies are dealt with by the Group Audit Committee. Significant findings in the reports of the internal and external auditors received since the last meeting that affect all Group companies are discussed at the next meeting of the Group Audit Committee.

The Head of Group Internal Audit is responsible for providing the relevant information. The function reports directly to the Group Audit Committee. The Head of Group Internal Audit is appointed by the Board of Directors and is subordinate to the Board’s Chairman.

Representatives of the external auditors attended seven of the eight meetings of the Group Audit Committee in the reporting year, but not the meetings of the Board of Directors. The Head of Group Internal Audit attends all the meetings of the Group Audit Committee and also attends the meetings of the Board of Directors.

The external auditors submit periodic reports dealing with:

• risk-based audit planning;
• current audit reporting;
• annual activity reporting;
• the comparison of actual versus budgeted fees.

The Group Audit Committee evaluates the performance of the external and internal audit, without the auditors being present, on an annual basis according to the following criteria:

• fee and budget comparison;
• feedback from the departments audited;
• quality of the auditors’ findings;
• assessment of the expertise.

For the assessment of independence, the annual independence declaration of KPMG Liechtenstein AG in their annual report and the evaluation of their conduct are taken into account, among other things. The cost planning and its observance are also reviewed and discussed annually. Furthermore, the Group Audit Committee periodically reviews alternatives and submits a proposal to the full Board of Directors for the attention of the General Meeting of Shareholders regarding the appointment of the independent auditors and Group auditor.

Additional orders are placed on the basis of offers from competitors taking into consideration the level of expertise. The Group Audit Committee bases its assessment of the placing of orders for additional services on the periodic reports it receives from Group Internal Audit regarding reliability, scope and relation to audit fees.

The Group Audit Committee reports to the full Board of Directors once a year concerning the activities of the external auditors and the assessment of their performance.

For the external auditors, direct access to the Board of Directors is possible at all times. The primary contact partner is the Group Audit Committee, which reports to the full Board of Directors once a year concerning the activities of the external auditors and the assessment of their performance.