S.L. 386.31 Art. 34Assurance of consolidated sustainability reporting.       S.L. 281.01.

(1) In the case of assurance engagements concerning the consolidated sustainability reporting of a group of undertakings, the documentation retained by the group auditor shall be such as to enable the Board to review the work of the group auditor to ensure that:

(a) in relation to the consolidated sustainability reporting, the group auditor bears the full responsibility for the assurance report on sustainability reporting referred to in regulation 35;

(b) the group auditor evaluates the assurance work performed by the third-country auditors, statutory auditors, third-country audit entities or audit firms for the purpose of the assurance of consolidated sustainability reporting and documents the nature, timing and extent of the work performed by those auditors, including, where applicable, the group auditor’s review of relevant parts of those auditors’ assurance documentation; and

(c) the group auditor reviews the assurance work performed by third-country auditors, statutory auditors, third-country audit entities or audit firms for the purpose of the assurance of consolidated sustainability reporting and documents it.

(2) For the purposes of sub-article (1)(c), the group auditor shall request the agreement of the third-country auditors, statutory auditors, third-country audit entities or audit firms concerned to transfer relevant documentation during the conduct of the assurance of consolidated sustainability reporting, as a condition of the reliance by the group auditor on the work of those third-country auditors, statutory auditors, third-country audit entities or audit firms.

(3) Where the group auditor is unable to comply with the provisions of sub-regulation (1)(c), the group auditor shall take appropriate measures and inform the Board. Such measures shall, where appropriate, include carrying out additional assurance work, either directly or by outsourcing such tasks, in the relevant subsidiary.

(4) Where the group auditor is subject to a quality assurance review or an investigation concerning the assurance of consolidated sustainability reporting of a group of undertakings, the group auditor shall when requested, make available to the Board the relevant documentation, which is retained concerning the assurance work performed by the respective, third-country auditors, statutory auditors, third-country audit entities or audit firms for the purpose of the assurance of consolidated sustainability reporting, including any working papers relevant to the assurance of consolidated sustainability reporting.

(5) The Board may request additional documentation on the assurance work performed by any statutory auditors or audit firms for the purpose of the assurance of consolidated sustainability reporting from the relevant competent authorities pursuant to regulation 8 of the

Accountancy Profession Regulations.

(6) Where the assurance of sustainability reporting of a parent undertaking or a subsidiary undertaking of a group of undertakings is carried out by any auditors or audit entities from a third country, the Board may request additional documentation on the assurance work performed by any third-country auditors or third-country audit entities from the relevant competent authorities from third countries through working arrangements.

(7) By way of derogation from sub-regulation (6), where any third-country auditors or audit entities that have no working arrangements carried out the assurance of sustainability reporting of a parent undertaking or a subsidiary undertaking of a group of undertakings, the group auditor shall when requested, also be responsible for ensuring proper delivery of the additional documentation on the assurance work performed by such third-country auditors or audit entities, including the working papers relevant to the assurance of consolidated sustainability reporting. In order to ensure such delivery, the group auditor shall retain a copy of such documentation, or alternatively agree with the third-country auditors or audit entities that he is to be given unrestricted access to such documentation upon request, or take any other appropriate action.

(8) Where assurance working papers cannot, for legal or other reasons, be passed from a third country to the group auditor, the documentation retained by the group auditor shall include evidence that the group auditor has undertaken the appropriate procedures in order to gain access to the assurance documentation, and in the case of impediments other than legal ones arising from the legislation of the third country concerned, evidence supporting the existence of such impediments.