Pairing of management and supervisory functions

To enable it to carry out its supervisory function properly, the Supervisory Board is supplied with regular, timely and comprehensive reports on all matters relevant to the development of the company. In addition to matters subject to authorisation (which are regulated partly by legislation and partly by the Articles of Association or the rules of procedure), all strategic decisions are coordinated in open discussions with the Supervisory Board that exceed the usual framework of Supervisory Board meetings. The Management Board must report to the Supervisory Board at least once a year on fundamental aspects of the future business policy of the company and the Group, and on the likely future development of the assets, financial and earnings situation on the basis of a forecast statement (annual report). Furthermore the Management Board must also report to the Supervisory Board on a regular basis, at least once per quarter, on the course of business and the situation of the company and the Group compared to the forecast statement, taking account of likely future developments (quarterly report). The Chairman of the Supervisory Board must be informed immediately of any events or occurrences with serious implications; the Supervisory Board must also be informed immediately of any circumstances that may significantly affect the company's profitability or liquidity (special report). The annual report and the quarterly reports must be made in writing and, at the request of the Supervisory Board, elucidated orally; the reports are to be distributed to every member of the Supervisory Board. Special reports can be made orally or in writing.

<< back