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Rite Aid shareholders vote against Deloitte as auditor

Tammy Whitehouse | November 20, 2018

A sizable chunk of Rite Aid’s shareholders has told the board it would like to hire a new audit firm.

The company disclosed in a recent Form 8-K filing that 15.3 percent of its shareholders voted against ratifying Deloitte, which has audited Rite Aid’s financial statements since 1999. That’s up from 5.5 percent of shareholder votes against ratifying the firm in 2017. In the same filing, the company disclosed a majority of shareholders voted against the compensation package proposed for the company’s named executive officers.

Shareholder votes are advisory to the board, which makes the final decision on which firm will audit the company’s financial statements and, where required, internal control over financial reporting. Neither Rite Aid nor Deloitte...

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