Shell plc - Outcome of audit tender process

Rhea-AI Summary

Shell plc has announced the outcome of its competitive audit tender process, with the Board approving the proposed re-appointment of Ernst & Young LLP (EY) as its external auditor. The appointment will be effective from the financial year ending December 31, 2026, subject to shareholder approval at the 2026 Annual General Meeting.

As a UK public interest entity, Shell is required to tender its audit every 10 years and rotate every 20 years. EY has been Shell's auditor since their initial appointment at the AGM in May 2016. The company had previously disclosed in its 2023 Annual Report that the tender process had commenced, with plans to conclude before the end of 2024.

Positive

• Maintains audit continuity with established auditor EY
• Complies with UK regulatory requirements for audit tender and rotation

Negative

• None.

Shell plc

Outcome of audit tender process

December 12, 2024

Shell plc (the Company) announces that, following the conclusion of a competitive audit tender process led by the Audit and Risk Committee, the Board has approved the proposed re-appointment of Ernst & Young LLP (EY) as its external auditor to take effect from, and including, the financial year ending 31 December 2026. The re-appointment is subject to shareholder approval at the Company’s 2026 Annual General Meeting.

As a UK public interest entity, we are required to tender our audit every 10 years and rotate every 20 years. EY was first appointed at the AGM in May 2016 after a competitive tender process. We disclosed in our 2023 Annual Report & Accounts that the tender process had commenced, with a view to reaching a conclusion before the end of 2024.

Enquiries

Shell Media Relations

International, UK, European Press: +44 (0)20 7934 5550

LEI number of Shell plc: 21380068P1DRHMJ8KU70

Classification: Additional regulated information required to be disclosed under the laws of the United Kingdom

FAQ

When will EY's new term as Shell's (SHEL) external auditor begin?

EY's new term as Shell's external auditor will begin from the financial year ending December 31, 2026, subject to shareholder approval at the 2026 AGM.

How long has EY been Shell's (SHEL) auditor?

EY has been Shell's auditor since their initial appointment at the AGM in May 2016.

What are the audit rotation requirements for Shell (SHEL) as a UK public interest entity?

As a UK public interest entity, Shell is required to tender its audit every 10 years and rotate auditors every 20 years.

Does Shell's (SHEL) reappointment of EY require shareholder approval?

Yes, the reappointment of EY as Shell's external auditor requires shareholder approval at the Company's 2026 Annual General Meeting.