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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.
Not all offerings are available in all jurisdictions. For
additional information, please visit manulife.com.
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SOURCE Manulife Financial Corporation