Agros Development Company appoints new external auditor

Agros Development Company Proodos Public Ltd, which owns the Rodon Hotel, has announced a strategic change to its corporate governance, following a decision by its board of directors to appoint a new external auditor.

The board of directors of the company acted within the framework of the decision made at the last annual general meeting which authorised the board to determine the remuneration of the external auditors Baker Tilly for the year 2025.

Having taken into account a proposal for an increase in fees for the provision of auditing services for the 2025 audit the board decided to seek and request tenders from other auditing firms in Cyprus.

A formal proposal was subsequently received from the auditing firm Ernst and Young Cyprus Ltd which is commonly known as EY.

After studying and evaluating the bids received the board considered several factors including the fact that the proposal from EY was improved compared to the proposal from the existing auditors.

This improvement related specifically to both the cost and the overall scope of the services provided by the firm.

Consequently the board of directors decided to award the external audit of the company for the year 2025 to the auditing firm Ernst and Young Cyprus Ltd.

The decision made by the board of directors will be submitted for ratification at the next annual general meeting of the company.