Annual Report 2017

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114 Rothschild & Co | Annual Report 2017
Report of the independent third-party auditor on the
consolidated labour, environmental and social information
For the year ended 31 December 2017
To the Shareholders,
In our capacity as independent third party of Rothschild & Co S.C.A.,
(hereinafter named the “Company”), certified by COFRAC under number
3-1049(1), we hereby report to you on the human resources, environmental
and social information for the year ended 31 December 2017, included
in the management report (hereinafter named “CSR Information”),
pursuant to article L. 225-102-1 of the French Commercial Code
(Code de commerce).
Company’s responsibility
The Managing Partner is responsible for preparing a company’s
management report including the CSR Information required by article
R. 225-105-1 of the French Commercial Code in accordance with the
guideline used by the Company (hereinafter the “Guidelines”), summarised
in the management report and available on request from the Company’s
head office.
Independence and quality control
Our independence is defined by regulatory texts, the French Code of
ethics (Code de déontologie) of our profession and the requirements of
article L. 822-11-3 of the French Commercial Code. In addition, we have
implemented a system of quality control including documented policies
and procedures regarding compliance with the ethical requirements and
applicable legal and regulatory requirements.
Responsibility of the independent third-party
On the basis of our work, our responsibility is to:
• attest that the required CSR Information is included in the management
report or, in the event of non-disclosure of a part or all of the CSR
Information, that an explanation is provided in accordance with the
third paragraph of article R. 225-105 of the French Commercial Code
(Attestation regarding the completeness of CSR Information);
• express a limited assurance conclusion that the CSR Information taken
as a whole is, in all material respects, fairly presented in accordance
with the Guidelines (Conclusion on the fairness of CSR Information);
However, it is not our responsibility to pronounce on the compliance with
the relevant legal provisions applicable if necessary, in particular those
envisaged by the law number 2016-1691 of December 9, 2016 known
as Sapin 2 (fight against corruption).
Our work involved five persons and was conducted between January
and March 2018 during a four-week period.
We performed our work in accordance with the order dated 13 May 2013
defining the conditions under which the independent third party performs
its engagement and with the professional guidance issued by the French
Institute of statutory auditors (Compagnie nationale des commissaires aux
comptes) relating to this engagement and with ISAE 3000(2) concerning our
conclusion on the fairness of CSR Information.
1 Attestation regarding the completeness
of CSR Information
NATURE AND SCOPE OF OUR WORK
On the basis of interviews with the individuals in charge of the relevant
departments, we obtained an understanding of the Company’s
sustainability strategy regarding human resources and environmental
impacts of its activities and its social commitments and, where applicable,
any actions or programmes arising from them.
We compared the CSR Information presented in the management report
with the list provided in article R. 225-105-1 of the French Commercial Code.
For any consolidated information that is not disclosed, we verified that
explanations were provided in accordance with article R. 225-105,
paragraph 3 of the French Commercial Code.
We verified that the CSR Information covers the scope of consolidation,
i.e., the Company, its subsidiaries as defined by article L. 233-1 and the
controlled entities as defined by article L. 233-3 of the French Commercial
Code within the limitations set out in the methodological note, presented in
“Methodology” Section of the management report.
Conclusion
Based on the work performed and given the limitations mentioned above
– data on the number of training hours and absenteeism cover 34% of the
Group headcount – we attest that the required CSR Information has been
disclosed in the management report.
2 Conclusion on the fairness of CSR Information
NATURE AND SCOPE OF OUR WORK
We conducted six interviews with the persons responsible for preparing the
CSR Information and, where appropriate, responsible for internal control
and risk management procedures, in order to:
• assess the suitability of the Guidelines in terms of their relevance,
completeness, reliability, neutrality and understandability, and taking
into account industry best practices where appropriate;
• verify the implementation of data collection, compilation, processing
and control process to reach completeness and consistency of the CSR
Information and obtain an understanding of the internal control and risk
management procedures used to prepare the CSR Information.
We determined the nature and scope of our tests and procedures based
on the nature and importance of the CSR Information with respect to the
characteristics of the Company, the human resources and environmental
challenges of its activities, its sustainability strategy and industry best
practices.
This is a free English translation of the Independent Third Party’s report issued in French and is provided solely for the convenience of English-speaking
readers. This report should be read in conjunction with, and construed in accordance with, French law and professional standards applicable in France.
(1) Whose scope is available at .
(2) ISAE 3000 – Assurance engagements other than audits or reviews of historical financial information.