Corporate Governance

External auditor

TenneT's external auditor, PricewaterhouseCoopers Accountants N.V., audits TenneT's financial statements and reports to the Supervisory Board and Board of Management. The external auditor draws up the auditor's report and the management letter and issues the auditor's statement that accompanies TenneT's financial statements. As a rule, the external auditor attends meetings of the Audit Committee and the Supervisory Board at which the auditor's reports, the management letters and the financial statements, including the reporting policy, are discussed. The General Meeting of Shareholders has the right to question the external auditor about its conclusions (as expressed in the auditor's statement) regarding the accuracy of the financial statements.

The services that TenneT outsources to PricewaterhouseCoopers are checked beforehand to make sure they are compatible with the independence of an external auditor. The performance of the external auditor is evaluated and assessed each year by the Board of Management and the Audit Committee. The main conclusions of this assessment are communicated to the Supervisory Board.

The current responsible partner of PricewaterhouseCoopers was appointed in the 2006 reporting year. In accordance with the guidelines of the Royal Netherlands Institute of Chartered Accountants (NIVRA), a different responsible partner must be appointed at least once every seven years (i.e. not later than 2013) in the interests of independence. This requirement is also in line with the principles of the Dutch Corporate Governance Code (Tabaksblat Code).