This excerpt taken from the LUX 20-F filed Jun 29, 2005.
Item 16C. Principal Accountant Fees and Services
Deloitte & Touche S.p.A., or Deloitte & Touche, was engaged as our independent registered accounting firm to audit our consolidated financial statements for the years ended December 31, 2003 and 2004. Due to the nature of our operations, numerous Deloitte & Touche entities and affiliates perform numerous other accounting, tax and consulting tasks for us around the world. The Board of Directors is the corporate body competent to pre-approve, with the favorable opinion of the Internal Control Committee, all audit services for the annual audit of Luxottica Group S.p.A.s own financial statements and for the audit of the consolidated financial statements of Luxottica Group S.p.A. and its subsidiaries, and to pre-approve all permissible non-audit services permissible for all entities in the group, although pre-approval of such services may not always be possible based on the nature of the service. Each pre-approval is typically given for a one-year period and is detailed by category and budgeted cost. Updates on audit and non-audit services to be provided by Deloitte & Touche are provided to the Board quarterly.
The following table sets forth the aggregate fees billed to us by Deloitte & Touche for 2003 and 2004:
Our Board of Directors has approved all of the audit and non-audit fees of Deloitte & Touche for the year 2004 in accordance with the pre-approval policy set forth above. The percentage of audit work performed by persons other than full-time permanent employees of Deloitte & Touche is less than 50%.