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Forvis Mazars expands into Cork
Firms plans to grow to 150 employees in the Southwest over the next two years
This role is exercised primarily through the information and access to the Group Executive Board (‘GEB’) obtained through membership of the Group Governance Council (‘GGC’) supplemented, where necessary, with additional reporting of the Group Executive Board and country executives as specified below.
In particular, the Public Interest Committee exercises its high level, general oversight at Group level in the following areas:
In exercising its oversight at group level, the Public Interest Committee has particular regard to issues arising under the various headings in relation to Forvis Mazars in Ireland and the United Kingdom. These terms of reference will be reviewed annually and additional specific member firms in other countries may be included if they become subject to an audit firm governance code or equivalent and with the agreement of PIC.
In the case of the firm in each of Ireland and the United Kingdom and the firm in such other countries as may be subject to an audit firm governance code or equivalent in the future, the Public Interest Committee:
The PIC agrees procedures for dealing with any disagreements between it and the GGC, GEB or any other parts of the group governance structure or between it and the firm in those countries where the firm applies an audit firm governance code or equivalent.
The PIC approves any reports published at group level in relation to its membership, activities, or conclusions.
The PIC uses its best endeavours to comply with the audit firm governance codes of Ireland and the United Kingdom and those, or their equivalent, in any other countries applicable to the firm in the future except to the extent that it is agreed by the PIC to depart from a particular provision and this decision is supported by the GGC. The relevant partners in each country provide the PIC, at least annually, with a summary of the key elements of the governance codes including actual or expected changes or amendments.
The PIC is given access to the information which members of the committee regard as necessary to performing their role.
Appropriate professional indemnity cover is in place in respect of any legal action against any independent non-executive.
Access to independent professional advice
The independent non-executives have the right to obtain independent professional advice in respect of their duties, subject to prior agreement with the chairman of the GGC. Such agreement would not be unreasonably withheld.
The membership of the PIC comprises the independent non-executive members of the GGC. Other members of the GGC may be asked to join meetings of the committee but are not entitled to participate in decision making.
The independent non-executives satisfy the following independence criteria and notify the chairman of the GGC of any change in their personal circumstances with regard to those criteria:
On resigning, an independent non-executive shall offer their reason for resigning which may be made public if this is expected by one or more of the audit firm governance codes applicable to the firm.
New members of the PIC are selected by the GGC after consultation with the continuing independent non-executives but the final decision rests with the GGC. The chair of the PIC is decided by the GGC, if such a position is deemed necessary.
The PIC determines its frequency of meetings but it is expected there will be two ‘in person’ meetings each year with additional teleconference calls as necessary.
The members of the PIC may, at their discretion, invite partners or staff of Forvis Mazars to attend part or all of a meeting but for an appropriate part of at least one meeting the independent non-executives shall meet on their own without others present.
Dialogue with listed company shareholders and listed companies about matters covered by the Irish Audit Firm Governance Code
Listed companies and their shareholders wishing to enter into dialogue on matters covered by the Irish Audit Firm Governance Code should contact tjobrien@mazars.ie.
In December 2013 the executive partners of Forvis Mazars Ireland approved the establishment of a Public Interest Committee on which a majority of Independent Non Executives (INEs) sit, in accordance with the principles of the Irish Audit Firm Governance Code (the Code), issued by CARB in June 2012.
The PIC’s purpose is to enhance stakeholder confidence in the public interests aspects of Forvis Mazars in Irelands’ activities including decision-making, stakeholder dialogue and management of reputational risks through the INEs’ involvement.
The Committee acknowledges that under its governance they consider the reinforcement of the independence of the firm to be at the forefront of their remit.
The Public Interest Committee (PIC) at present comprises two INEs and the managing partner. The chairman is appointed by the INEs. Each INE has a service contract, as part of their role as INE on the Forvis Mazars’ Group Governance Council, that sets out their rights and duties.
The PIC has during the last twelve months had regular and direct engagement with the Executive. In these meetings, the executive has reported on the development of a code of conduct across the firm, the results of quality control processes as well as the standing agenda items of risks and claims as well as whistleblowing.
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