The Shareholders’ General Meeting appointed PricewaterhouseCoopers SA, of Lausanne and Sion, as the Bank’s company auditors in accordance with the Swiss Code of Obligations. This company also undertakes the specific brief of being the banking auditor.
PricewaterhouseCoopers SA was appointed for the first time as company auditors for Banque Cantonale du Valais at its AGM on 25 April 2002. Mr Beresford Caloia, Chartered Auditor, has been the Lead Auditor.

The fees and expenses charged by the auditors for the 2012 financial year totalled CHF 361,152.00. This sum was formulated in accordance with the accruals principle of accounting.

Additional fees and expenses charged for the 2012 financial year totalled CHF 31,280.33. This sum was formulated in accordance with the accruals principle of accounting.

Each year, the Board of Directors appraises the qualifications, impartiality and services of the auditors. It approves the fees relating to the auditors’ auditing brief. The Audit Committee reports to the Board of Directors, with its brief covering the supervision and assessment of the effectiveness of the external auditors. The Audit Committee discusses with the Lead Auditor the state of the Bank’s in-house control and monitoring systems as well as its suitability for the group’s risk profile. The external auditors may at all times attend Audit Committee meetings.
During 2011, the external auditors attended eight out of the ten Audit Committee meetings convened during the year.