Manulife announces results of external auditor tender process

Rhea-AI Summary

Manulife Financial has announced the Board's decision to re-appoint Ernst & Young LLP (EY) as its external auditor following a comprehensive tender process conducted in 2024. The selection process evaluated submissions from EY and two other global audit firms, with oversight from the Board's Audit Committee.

The decision came after Manulife's 2021 announcement to conduct an audit tender following the first annual audit cycle post-IFRS 17 Insurance Contracts adoption. EY's selection was based on their independence, commitment to audit quality, and their global team's qualifications suited to Manulife's complex business. The formal appointment will be submitted for shareholder approval at the Annual Meeting.

Positive

• Completion of a thorough and competitive external auditor selection process demonstrating strong corporate governance
• Proactive approach to auditor evaluation despite no mandatory rotation requirements

Negative

• None.

C$ unless otherwise stated                 TSX/NYSE/PSE: MFC     SEHK: 945

TORONTO, Dec. 10, 2024   /PRNewswire/ - Manulife Financial Corporation ("Manulife" or the "Company") has announced that the Board of Directors of Manulife (the "Board") have endorsed the re-appointment of Ernst & Young LLP ("EY") as the Company's external auditor. The decision was made following a thorough and competitive external auditor tender process. The selection process carefully considered the submissions of EY and two other globally recognized audit firms and was independently overseen by the Audit Committee of the Board.

While Manulife is not subject to mandatory auditor rotation requirements, in 2021, Manulife announced the intention to undertake an audit tender process once the first annual audit cycle following the adoption of IFRS 17 Insurance Contracts was complete following consideration of best practice governance guidelines and shareholder feedback.

An extensive and robust evaluation process was conducted throughout 2024 resulting in a recommendation from the Audit Committee, endorsed by the Board, to continue with EY as the Company's external auditor. Formal appointment of EY is submitted to shareholders for approval at the Company's annual meeting of common shareholders ("Annual Meeting") each year.

EY was selected based on their proven ability to maintain independence, a steadfast commitment to audit quality, and the outstanding qualifications of the global engagement team that are well-suited to Manulife's complex and evolving business. Further details of the audit tender process will be included in Manulife's 2025 Management Information Circular, which will be published in advance of the 2025 Annual Meeting.

About Manulife

Manulife Financial Corporation is a leading international financial services provider, helping people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we provide financial advice and insurance, operating as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States. Through Manulife Investment Management, the global brand for our Global Wealth and Asset Management segment, we serve individuals, institutions, and retirement plan members worldwide. At the end of 2023, we had more than 38,000 employees, over 98,000 agents, and thousands of distribution partners, serving over 35 million customers. We trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges, and under '945' in Hong Kong.  
 
Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com. 

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SOURCE Manulife Financial Corporation

FAQ

Who will be Manulife's (MFC) external auditor following the 2024 tender process?

Ernst & Young LLP (EY) will continue as Manulife's external auditor, following their re-appointment after a competitive tender process.

When did Manulife (MFC) conduct its external auditor tender process?

Manulife conducted an extensive evaluation process throughout 2024 for selecting its external auditor.

Why did Manulife (MFC) conduct an external auditor tender in 2024?

Manulife announced in 2021 its intention to conduct an audit tender after completing the first annual audit cycle following IFRS 17 adoption, considering best practice governance guidelines and shareholder feedback.