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MTN GROUP LIMITED - Mandatory audit firm rotation

Release Date: 29/11/2019 17:07
Code(s): MTN     PDF:  
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Mandatory audit firm rotation

MTN Group Limited
(Incorporated in the Republic of South Africa)
Registration number: 1994/009584/06
ISIN: ZAE000042164
Share code: MTN
(“MTN” or the “group”)

Mandatory audit firm rotation


The group is required to rotate its auditors by 2024 in accordance with mandatory audit firm rotation
regulations issued by the Independent Regulatory Board for Auditors (IRBA). Both the current joint
group auditors, PricewaterhouseCoopers and SNG Grant Thornton, are required to rotate off the
group audit. In addition, MTN Nigeria is required to rotate auditors following the introduction of the
Nigerian Code of Corporate Governance (NCCG) which became effective on 15 January 2019.

As a result of these regulations to strengthen the independence of the external audit function, and in
recognition of this emerging best practice governance trend, the group audit committee concluded a
comprehensive tender process and the board will be recommending Ernst & Young (EY) as the new
joint group audit firm for approval by shareholders at the AGM in May 2020.

The group audit committee also evaluated the best approach to reduce audit risk during the transition
of audit firms and concluded on a phased transition approach for the current joint audit arrangement.
The group will maintain its joint audit approach during the transition period and, following shareholder
approval, EY will replace SNG Grant Thornton for the 2021 financial period as the joint group audit
firm. PricewaterhouseCoopers will rotate off the MTN Group audit following the transition period. The
group will evaluate the continuation of a joint audit approach following this transition period.


The development of the audit profession remains a focus for the group and in this regard the group
will be monitoring certain internal transformation targets as committed by EY as well as initiatives
agreed on to build local audit knowledge, experience and capabilities in the telecommunications
sector.

Fairland
28 November 2019

Lead Sponsor
JP Morgan Proprietary Limited

Joint Sponsor
Tamela Holdings Proprietary Limited

Date: 29-11-2019 05:07:00
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