Mandatum plc: Proposals of the Board of Directors to the Annual General Meeting 2026 concerning the appointment of auditor and sustainability reporting assurer

Mandatum plc's Board will propose at the 12 May 2026 AGM that Ernst & Young Oy be appointed statutory auditor for the 2026 financial year, with Kristina Sandin as the auditor with principal responsibility, and — should Mandatum be required to prepare a sustainability statement under Finnish law — that Ernst & Young also be appointed sustainability reporting assurer (with Sandin as principal assurer); the Board may amend the assurer proposal if Mandatum is not obligated to produce a sustainability statement. The Audit Committee ran a statutory tender under EU Audit Regulation rules, received four bids, interviewed all candidates, evaluated them on experience, team composition, independence and cost-efficiency, and put forward EY as its primary recommendation and Deloitte Oy as secondary, confirming the recommendation was free of third‑party influence. The decision formalizes the company's audit and potential sustainability assurance arrangements for 2026 and reflects regulatory-compliant rotation/tendering of external assurance providers ahead of next year’s reporting cycle.

Analysis

Mandatum plc's Board proposes at the Annual General Meeting on 12 May 2026 that Ernst & Young Oy be elected statutory auditor for the 2026 financial year, with Kristina Sandin, APA, as the auditor with principal responsibility, and that Ernst & Young be appointed sustainability reporting assurer for 2026 should Mandatum be obligated to prepare a sustainability statement under the Finnish Accounting Act; the Board reserves the right to amend the assurer proposal if no obligation exists. The Audit Committee conducted a statutory tender in accordance with Regulation (EU) No 537/2014, received four tenders, interviewed all candidates and evaluated them on experience, audit-team composition, conduct of the audit process, independence and cost-efficiency, resulting in a primary recommendation of Ernst & Young Oy and a secondary recommendation of Deloitte Oy. The Audit Committee confirms its recommendation was free from third‑party influence and that no restrictive clause limiting the AGM's choice was imposed. For investors, the appointment formalizes audit and potential sustainability assurance arrangements that affect governance and reporting credibility; outcomes to monitor include the AGM vote, disclosed audit and assurance fees, any changes to assurance scope, and transitional risks associated with an auditor appointment in 2026.

Key Decisions for Investors

• Monitor the AGM outcome on 12 May 2026 and review the formal auditor and assurer election results and any disclosed engagement fees, as these will indicate potential cost and independence implications
• If Ernst & Young is confirmed as sustainability assurer, factor increased third‑party assurance into ESG assessments and engagement priorities; if the assurer proposal is amended because Mandatum is not obligated to prepare a sustainability statement, reassess the company’s ESG disclosure risk
• Request or review management commentary and the first auditor’s report under the new engagement for signs of audit scope changes or identified control weaknesses that could affect near‑term financial volatility
• Treat the transparent tender and presence of a secondary candidate (Deloitte) as a governance positive but watch for any transition execution risk around financial year‑end 2026 that could temporarily affect reporting quality