The General Meeting of Shareholders, carried out on 23 June 2009, at the proposal of the Audit Committee elected the certified chartered accountant Katia Raikova Zlatareva, Diplom No 0610, to perform an audit and to certify the 2009 annual financial statement of the company.

For several years, up until 2008, the company auditor was Prof. Mihail Dinev – Chairman of the Institute of Certified Public Accountants. Taking into consideration the commitments of Stara Planina Hold Plc under the Bulgarian National Code for Corporate Governance and the opinion of the members of the Audit Committee, it was proposed that the auditor be changed. The Board of Directors expresses its gratitude to Prof. Mihail Dinev for his long and beneficial collaboration.

Katia Zlatareva has been registered auditor since 2004. She holds doctoral degree in economics and works as Chief Assistant at the Department of Accountancy and Analysis at the University of National and World Economy – Sofia. She is a member of the Commission for Evaluation of Audit Quality at the Bulgarian National Audit Office. She participated in audits of Overgas AD, Princess Hotels and Casinos Group, the companies of Unitrade AD, etc.

Obligations of the registered auditor before the Audit Committee:

• The registered auditor shall report to the Audit Committee on the major issues related to the performance of audit with emphasis on the material weakness in the internal control system of the company with regard to the process of financial reporting.

• The registered auditor shall submit before the audit committee annual declaration on his/her independence from the audited entity.

• The registered auditor shall inform the audit committee on annual basis about any other services which that auditor provides to the entity in addition to the audit.

• The registered auditor shall discuss with the audit committee any threats to his/her independence and the precautions taken in order to mitigate such threats, if such have been documented.


Auditor`s Reports:
2010
2009
2008
2007
2006

The Audit Committee of Stara Planina Hold Plc shall have the following composition:
Maria Kostadinova Lazarova - Chairperson, Yordanka Spasova Georgieva and Nonka Hristoskova Zubeva - members.

The Audit Committee was elected at the General Meeting of Shareholder on 23 June, 2009. Its members are not in employment relations with the holding and the chairperson holds diploma of higher education with accountancy major and possesses at least 5 years of professional accounting experience.

The Audit Committee shall:

• Monitor the processes of financial reporting in the enterprise.

• Monitor the efficiency of the internal control systems in the enterprise.

• Monitor the efficiency of the risk management systems in the enterprise.

• Monitor the independent financial audit in the enterprise.

• Review the independence of the registered auditor of the enterprise in compliance with the legal requirements and the Code of Ethics of Professional Accountants, and shall monitor the provision of additional services by the registered auditor to the audited entity.

• The election of registered auditor who is to perform the independent financial audit of the enterprise shall be carried out based on recommendation by the Audit Committee.

• The Audit Committee shall report once a year on its activity before the General Meeting together with the approval of the annual financial statement.


Documents:
Operating rules of the Audit Committee of Stara Planina Hold Plc
Criteria for independence of auditors