Independent limited assurance report on the environmental and social statements of the Annual Report 2015
of Umicore and its subsidiaries
This report has been prepared in accordance with the terms of our engagement contract dated 30 June 2014, whereby we have been engaged to issue an independent limited assurance report in connection with the Environmental and Social Statements as of and for the year ended
31 December 2015 in the accompanying Annual Report 2015 of Umicore and its subsidiaries (the “Report”).
Responsibility of Board of Directors
The Board of Directors of Umicore (“the Company”) is responsible for the preparation of the information and data in the Environmental and Social Statements set forth in the Report of Umicore and its subsidiaries as set out on pages 121 to 149 (“the Subject Matter Information”), in accordance with the criteria disclosed in the Environmental and Social Statements (the “Criteria”).
This responsibility includes the selection and application of appropriate methods for the preparation of the Subject Matter Information, for ensuring the reliability of the underlying information and for the use of assumptions and estimates for individual sustainability disclosures which are reasonable in the circumstances. Furthermore, the responsibility of the Board of Directors includes the design, implementation and maintenance of systems and processes relevant for the preparation of the Subject Matter Information.
Our responsibility is to express an independent conclusion about the Subject Matter Information set forth in the Report based on the work we have performed. We conducted our work in accordance with the International Standard on Assurance Engagements (ISAE) 3000 “Assurance Engagements other than Audits or Reviews of Historical Financial Information”. This standard requires that we comply with ethical requirements and that we plan and perform the engagement to obtain limited assurance as to whether nothing has come to our attention that causes us to believe that the Subject Matter Information is not fairly stated, in all material respects, based on the Criteria.
The objective of a limited-assurance engagement is to perform the procedures we consider necessary to provide us with sufficient appropriate evidence to support the expression of a conclusion in the negative form on the Subject Matter Information. The selection of such procedures depends on our professional judgment, including the assessment of the risks of management’s assertion being materially misstated. The scope of our work comprised the following procedures:
- assessing and testing the design and functioning of the systems and processes used for data-gathering, collation, consolidation and validation, including the methods used for calculating and estimating the information and data presented in the Environmental and Social Statements as of and for the year ended 31 December 2015 on pages 121 to 149 of the Annual Report 2015;
- conducting interviews with responsible officers including site visits;
- inspecting internal and external documents.
We have evaluated the Subject Matter Information against the Criteria. The accuracy and completeness of the Subject Matter Information are subject to inherent limitations given their nature and the methods for determining, calculating or estimating such information. Our Limited Assurance Report should therefore be read in connection with the Criteria.
Our Independence and Quality Control
We have complied with the independence and other ethical requirements of the Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants (IESBA), which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour. Our audit firm applies International Standard on Quality Control (ISQC) n° 1 and accordingly maintains a comprehensive system of quality control including documented policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.
Based on our work, as described in this Independent Limited Assurance Report, nothing has come to our attention that causes us to believe that the information and data presented in the Environmental and Social Statements as of and for the year ended 31 December 2015 on pages 121 to 149 of the Annual Report of Umicore and its subsidiaries is not fairly stated, in all material respects, in accordance with the Criteria.
Restriction on Use and Distribution of our Report
Our assurance report has been made in accordance with the terms of our engagement contract. Our report is intended solely for the use of the Company, in connection with their Environmental and Social Statements as of and for the year ended 31 December 2015 and should not be used for any other purpose. We do not accept, or assume responsibility to anyone else, except to the Company for our work, for this report, or for the conclusions that we have reached.
Sint-Stevens-Woluwe, 22 March 2016
PwC Bedrijfsrevisoren bcvba
[Original version signed by:]
*Marc Daelman BVBA
Board Member, represented by its fixed representative, Marc Daelman