Another case of cut n paste PLC lobbying

I've been looking at responses to the Competition Commission's provisional findings and proposed remedies in relation to audit. Have found some very similar text again.

Here's what GSK said about mandatory rotation of audit firm:

Our audit committee wishes to appoint the best firm for GSK and its shareholders. If having conducted a formal tender process it happens to be the incumbent auditor who can deliver the best audit, it makes no sense to appoint an alternative, especially given the length of time and resources required in the early years following a new appointment. This proposal also undermines the role of the Audit Committee which as noted above had developed hugely in recent years and which is now the dominant influence in tendering decisions and the final arbiter in appointing the auditor

Here's what SABMiller said:

Our audit committee wishes to appoint the best firm for the company having completed its necessary review. If the outcome of a tender process confirms that the incumbent auditor is best qualified for the role, it makes no sense to appoint a second best alternative given the length of time and resources required in the early years following a new appointment. The proposal also fails to give due recognition to, and undermines the role of, the audit committee which, as noted above, has developed hugely in recent years and which now is the dominant influence in tendering decisions

And here's what the GC100 said:

Audit Committees will wish to appoint the best firm for their company having conducted a formal tender process and if that happens to be the incumbent auditor, it makes no sense to appoint an alternative given the length of time and resources required in the early years following a new appointment. The proposal also undermines the role of the Audit Committee which as noted above has developed hugely in recent years and which now is the dominant influence in tendering decisions.

As I blogged previously, I think the generic PLC responses may take the GC100 text as their inspiration in some cases.

More to come on this one...