GUANGDONG INV Proposes Replacing KPMG with Deloitte to Strengthen Audit Independence

Bulletin Express03-30

Guangdong Investment Limited (GUANGDONG INV) plans to rotate its external auditor, aiming to reinforce corporate governance and audit independence. The Board announced that incumbent auditor KPMG, in place since 23 June 2022, will retire and not seek re-appointment at the forthcoming annual general meeting (AGM).

KPMG has issued a confirmation stating there are no matters that need to be brought to shareholders’ attention regarding its cessation. The Board likewise reported no disagreements with the outgoing auditor and expressed appreciation for KPMG’s professional service.

Following a competitive selection process, the Audit Committee recommended appointing Deloitte Touche Tohmatsu as the new auditor, effective from the conclusion of the AGM until the next annual general meeting. Key assessment criteria included Deloitte’s proposed fees, experience with Hong Kong-listed companies, technical competence, independence, market reputation, and available resources.

The proposed appointment will be subject to shareholder approval via an ordinary resolution at the AGM. A circular detailing the change and the AGM notice will be dispatched in due course.

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