Report of the Supervisory Board
In the following, the Supervisory
Board reports on its activities in fiscal year 2007. Key topics include
the continuous dialog between the Supervisory Board and the Executive
Board, the main agenda items in the full assembly as well as in the
committees, and the annual and consolidated financial statements.
In fiscal year 2007, the Supervisory Board also fulfilled its responsibilities under the law and according to the articles of incorporation with great care.
The Supervisory Board provided regular consultation to the Executive Board and supervised the Company management. The Executive Board consulted us in determining the strategic planning and orientation of the Company. The Supervisory Board deliberated in detail on all business transactions of significance to the company based on the information received from the Executive Board. The Executive Board provided us with regular, current, and comprehensive reports on all relevant issues of corporate planning, company performance, the state of the Group, the risk profile, and risk management. The Supervisory Board was directly involved in all decisions of fundamental significance to the company. We know of no instance in which the course of business deviated from the plans and objectives negatively.
The Supervisory Board, wherever so called upon by law or according to the articles of incorporation, submitted its vote on the reports and proposed resolutions of the Executive Board following thorough analysis and discussion. In addition to the two incumbent chairpersons of the Supervisory Board, other members of the Supervisory Board were in close and continuous contact with the Executive Board beyond the scope of the Supervisory Board sessions in 2007. Special attention was paid here to the future orientation of the two corporate divisions, the status of essential projects, the company’s day-to-day performance, and the key business transactions.