Annual Report - SIG Combibloc

40 Corporate Governance
To support it, the Board of Directors has formed two permanent committees, namely the
Audit Committee and the Nomination & Compensation Committee (note: in the year
under report, the previous, separately managed Nomination Committee and Compensation
Committee have been merged into a Nomination & Compensation Committee for reasons
of efficiency). Specific subjects and time-limited projects can be assigned to ad hoc
committees. The Board of Directors has also delegated the operational management of
business to the Group Executive Committee, which is chaired by the ceo.
The Chairman presides over the Board of Directors. If he is prevented from exercising his
functions, these are transferred to the Vice Chairman.
Work methods of the Board of Directors
Each year, the Board of Directors convenes at six ordinary meetings, usually lasting one
or two days. Extraordinary meetings can be called as required. Additional meetings can
be proposed by any Board Member or the ceo by stating the reasons to the Chairman.
In 2003, a total of eight meetings were held.
The agenda of each ordinary meeting focuses on a specific subject in the sectors of
strategy, finance or human resources. The Chairman, in conjunction with the ceo and the
Secretary to the Board, sets out the agenda for each meeting. Any Board Member can
propose the inclusion of an item in the agenda.
Meetings are called in writing by the Chairman of the Board or the Secretary to the
Board. As a rule, invitations, including the detailed agenda and supporting documentation,
are sent to all participants one week prior to the meeting. Provided no
member raises an objection, the Board can discuss urgent matters not already included
in the agenda.
As required, the Members of the Group Executive Committee attend meetings of the
Board of Directors. In order for the Board of Directors to obtain sufficient information for
reaching decisions, other employees or third persons can be called to the meetings.
The Board of Directors adopts resolutions and performs elections with the majority of
members present at the meeting. Resolutions can only be adopted when the majority of
the Board Members are present. In the event of a tied vote, the Chairman holds the
casting vote. Resolutions can also be adopted through video or telephone conferencing,
or by circular letter, provided no member demands verbal discussion at a meeting.
Resolutions adopted by circulation require the approval of the absolute majority of the
Members of the Board of Directors.
Individual members are obliged to refrain from voting if business is being discussed
which affects their own interests or those of individuals or legal entities closely linked to
them. Such business is subject to the principle of transactions contracted under thirdparty
conditions.
Members of the Board of Directors receive a full copy of the minutes of meeting; other
participants receive an extract containing those agenda items and resolutions that are
relevant to them.