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Board of Directors Approves Change of IFRS Auditor

18 December 2020
Moscow – At its meeting today the Board of Directors of PhosAgro, based on a proposal by its Audit Committee, approved the appointment of PricewaterhouseCoopers (“PwC”) as PhosAgro’s IFRS auditor and recommended that PhosAgro’s CEO sign a contract with the new auditor. Following its appointment, PwC will conduct its first IFRS audit of the Company's financial statements for the financial year ended 31 December 2021. 

PhosAgro CEO and Board of Directors member Andrey Guryev said: “We have worked with KPMG for nearly 15 years and are very happy with the robust audit process and productive relationship we developed during that time. During their tenure as PhosAgro’s IFRS auditors the KPMG team developed an excellent understanding of our business and have always demonstrated the highest degree of professionalism. 

“While we would happily continue with KPMG, the Audit Committee of the Board of Directors chaired by Independent Director Marcus Rhodes has recommended that PhosAgro rotate its auditor to bring fresh perspectives to the audit process, in keeping with regulatory guidance on the rotation of auditors. We look forward to a smooth transition to working with PwC for our FY 2021 IFRS audit and wish the KPMG team all the best in their future ventures.”

PhosAgro’s incumbent auditor for its consolidated IFRS financial statements will resign upon completion of their audit of the Company’s IFRS financial statements for the financial year ended 31 December 2020. KPMG have confirmed that, based on their current understanding and knowledge, there are no reasons or matters connected with the change of their appointment as auditors, which they consider should be brought to the attention of the shareholders or creditors of the Company at the date of this release.