19 Feb 2019
TOKYO, Japan – Renesas Electronics Corporation (TSE:6723), a premier supplier of advanced semiconductor solutions, today announced that it was resolved at the Board of Directors Meeting held on February 19, 2019 to submit the proposal made by the Audit & Supervisory Board on January 29, 2019 concerning the change of certified public accountants, etc. responsible for audit certification as set forth in the Article 193-2, §1 and 2 of the Financial Instruments and Exchange Act, to the 17th Ordinary General Meeting of Shareholders scheduled for March 20, 2019 as described below.
1. Planned date of change
March 20, 2019 (scheduled date of the 17th Ordinary General Meeting of Shareholders)
2. Overview of the change of certified public accountants, etc.
(1) Overview of the future certified public accountants to be appointed
|1.||Name||PricewaterhouseCoopers Aarata LLC|
|2.||Address||Otemachi Park Building,
1-1-1 Otemachi, Chiyoda-ku, Tokyo
|3.||Names of the persons who will perform the work||Hiroyuki Sawayama
|4.||Status of registration in the Japanese Institute of certified public accountants’ registration program for accounting firms that audit publicly traded companies||Registered|
(2) Overview of the outgoing certified public accountants
|1.||Name||Ernst & Young ShinNihon LLC|
|2.||Address||Tokyo Midtown Hibiya, Hibiya Mitsui Tower,
1-1-2 Yurakucho, Chiyoda-ku, Tokyo
|3.||Names of the persons who perform the work||Noriaki Kenmochi
3. Reasons for nominating the persons stated in 2. (1) as candidates for certified public accountants, etc.:
Based on Renesas’ comprehensive reviews of the auditing system, Renesas’ Audit & Supervisory Board selected PricewaterhouseCoopers Aarata LLC as the candidate of certified public accountant, etc., recognizing their expertise, independence, and quality management as well as having the systems required to audit Renesas’ global business activities in a uniform manner. Additionally, changing the certified public accountants can be expected to result in audits being conducted from a different perspective and with new methodologies which will contribute to further improvement in the reliability of Renesas financial information.
4. Most recent appointment date of the outgoing certified public accountants, etc.:
March 29, 2018
5. Opinions, etc. in the audit reports, etc. prepared by the outgoing certified public accountants, etc. in the past three years:
6. Reasons for and background of the decision to changes:
The term of current engagement with Ernst & Young ShinNihon LLC, Renesas’ current Accounting Auditor, will expire at the conclusion of the 17th Ordinary General Meeting of Shareholders scheduled to be held on March 20, 2019. Ernst & Young ShinNihon LLC has been serving as Renesas’ certified public accountant for over 16 years and Renesas has therefore conducted its regular review and assessment of several companies including the current certified public accountant. Accordingly, the Audit & Supervisory Board resolved the specifics of the proposal to elect PricewaterhouseCoopers Aarata LLC as a new Accounting Auditor.
7. Opinions of the outgoing certified public accountants, etc. concerning the statements in audit reports and other documents regarding the reasons and background of the decision described in 6. above:
Renesas received a reply from the outgoing certified public accountants, etc. stating that they have no particular opinions.
About Renesas Electronics Corporation
Renesas Electronics Corporation (TSE: 6723) delivers trusted embedded design innovation with complete semiconductor solutions that enable billions of connected, intelligent devices to enhance the way people work and live. A global leader in microcontrollers, analog, power, and SoC products, Renesas provides comprehensive solutions for a broad range of automotive, industrial, home electronics, office automation, and information communication technology applications that help shape a limitless future. Learn more at renesas.com.
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