#Canada #Toronto #Manulife Financial #Ernst & Young #Audit Committee

Manulife Financial Corporation Approves Auditor Selection

Manulife Financial Corporation, one of the leading international financial services providers, has made headlines with its recent announcement regarding the external auditor tender process. On December 10, 2024, the Company revealed that its Board of Directors endorsed the re-appointment of Ernst & Young LLP (EY) as the external auditor. This decision was made after a comprehensive and competitive process that involved a thorough evaluation of submissions from EY and two other major audit firms. The Audit Committee of the Board independently supervised the selection process, ensuring a fair and robust evaluation.

Although mandatory auditor rotation is not a requirement for Manulife, the company had previously expressed its intention to conduct an audit tender process after the completion of the first annual audit cycle post-adoption of IFRS 17 Insurance Contracts. This was in response to best practice governance guidelines and feedback from shareholders. The extensive evaluation, carried out over the course of 2024, concluded with a recommendation from the Audit Committee to continue the partnership with EY.

The Board's endorsement of this decision means that EY will continue to serve as Manulife's external auditor, subject to approval by shareholders at the Company's annual meeting, which happens every year. The selection of EY was primarily based on their consistent commitment to audit independence, quality, and the exceptional qualifications of their global engagement team, which aligns well with Manulife's complex business environment.

Further insights about the audit tender process will also be included in Manulife's 2025 Management Information Circular. This document will be published prior to the 2025 Annual Meeting and will shed more light on the steps taken during the selection process.

About Manulife

Manulife Financial Corporation, headquartered in Toronto, Canada, is recognized as a key player in the global financial services landscape. The Company provides a range of services including financial advice, insurance, and investment management. Operating under the name Manulife in Canada, Asia, and Europe, and as John Hancock in the United States, the Corporation boasts an impressive workforce of over 38,000 employees and more than 98,000 agents. It serves over 35 million customers worldwide, emphasizing its commitment to making financial decisions easier and improving the lives of its clients.

Manulife actively trades as 'MFC' on the Toronto, New York, and the Philippine stock exchanges, and is listed under '945' in Hong Kong. While the Company aims to provide a seamless experience across jurisdictions, it is important for potential clients to understand that not all financial products are available in every market.

For anyone interested in learning more about Manulife and its offerings, further information can be found at manulife.com.

This strategic move reaffirms Manulife's dedication to maintaining high standards in governance and accountability, further enhancing shareholder confidence in the Company's financial reporting and transparency strategies.