Manulife announces results of external auditor tender process
C$ unless otherwise stated TSX/NYSE/PSE: MFC SEHK: 945
TORONTO, Dec. 10, 2024 /CNW/ - 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.
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SOURCE Manulife Financial Corporation
