Annual Report 1997/1998 - Munich Re

Munich Re
The Board of Management also reported to the Supervisory Board in
detail on the purchase of the Italian reinsurer Reale Ri (now Torino Ri)
and the sale of the participation in Berlinische Lebensversicherung to
CGU.
The change in the company’s business year, adopted by the AGM on
5th December 1997, was another subject of prior detailed discussion
between the Supervisory Board and the Board of Management. The
bringing forward of the balance sheet date by half a year means that
as from 1999 shareholders will be informed about Munich Re’s
business results, and participate in the company’s success, at an
earlier date than hitherto.
The Supervisory Board also closely considered the extensive
package of capital-related measures, aimed among other things at
simplifying the company’s share structure.
Audit of annual accounts
The Munich Reinsurance Company’s bookkeeping, its company
accounts and consolidated accounts as at 30th June 1998, as well as
the Board of Management’s report for the company and the Group as
a whole, have been examined by the Bayerische Treuhandgesellschaft
Aktiengesellschaft Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft
and have received an unqualified auditor’s opinion. The
auditor’s reports were promptly sent to all the members of the
Supervisory Board. After detailed discussion between the Chairman
of the Supervisory Board and the auditor, there was also extensive
discussion of the accounts, the Board of Management’s report and
the auditor’s reports at the meeting of the Supervisory Board on
23rd September 1998, at which the auditor was present.
The Supervisory Board has examined the company accounts, the
consolidated accounts, the report of the Board of Management and the
latter’s proposal for appropriation of the balance sheet profit; we find
them to be in order. We therefore agree with the auditor’s conclusions.
At the balance sheet meeting of the Supervisory Board we approved
the annual accounts drawn up by the Board of Management; they are
thus adopted. We agree to the Board of Management’s proposal for
the appropriation of the balance sheet profit, which provides for a
dividend of DM 1.80 per share.
Personalia
On 23rd October 1997, as the Chairman designate of ERGO
Versicherungsgruppe AG’s Board of Management, Dr. Edgar Jannott
gave up his seat on the Munich Reinsurance Company’s Supervisory
Board, of which he had been a member since 1994. Mr. Hilmar Kopper,
a member of the Supervisory Board since 1990, retired from the Board
at his own request on 5th December 1997, following his move at
Deutsche Bank AG from Spokesman of the Board of Management to
Chairman of the Supervisory Board. We thank both gentlemen for the
constructive contribution they have made to the development of our
company in their years on the Supervisory Board.
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