Annual Report 2010 - Knorr-Bremse AG.

SUPERVISORY BOARD
11
Statements and the Management Report on the Knorr-
Bremse Group drawn up by the Executive Board, and the
company‘s accounts were examined by the auditors elected
by the Annual Shareholders‘ Meeting, KPMG AG
Wirtschaftsprüfungsgesellschaft, Munich, and endorsed
with their unqualified opinion dated March 2, 2011. The
Supervisory Board also examined the Financial Statements
for fiscal 2010, the Management Report, the proposed allocation
of unappropriated retained earnings, and the
Consolidated Financial Statements and Management Report
on the Knorr-Bremse Group. No objections were
raised. At its meeting on March 18, 2011, the Supervisory
Board approved the 2010 Financial Statements, which
thereby became legally binding. The Supervisory Board
concurs with the Executive Board’s proposal for the allocation
of unappropriated retained earnings. The Consolidated
Financial Statements were also approved.
The auditors attended the meeting of the financial statements
committee on February 25, 2011 as well as the financial
statements meeting of the Supervisory Board on
March 18, 2011, reported on their key findings and answered
outstanding questions.
KPMG AG Wirtschaftsprüfungsgesellschaft, Munich, also
examined the Executive Board‘s report on relations with affiliated
companies, drawn up in line with Paragraph 312
German Corporation Law (AktG). The auditors endorsed
this report with the following opinion:
“Having audited and assessed this report in accordance
with professional standards, we confirm that: 1. The factual
contents of the report are correct. 2. The consideration furnished
by the Company in the legal transactions set out in
the report was not unreasonably high.“
The Supervisory Board also examined the Executive Board‘s
report on relations with affiliated companies and has no
objections to the concluding statement by the Executive
Board or to the auditors‘ findings.
On March 31, 2010 Ms Elfriede Hilger stepped down from
her position as an employee representative on the Supervisory
Board of Knorr-Bremse AG. Frank Hellmer, who was
elected at the Supervisory Board elections in 2008 to replace
Ms Hilger should she leave the Board, joined the
Board on April 1, 2010. On behalf of Knorr-Bremse AG the
Supervisory Board wishes to express its sincere thanks to
Ms Hilger for her long-standing and committed contributions
to its work.
On June 30, 2010, Ms Daniela Fischer stepped down from
her position on the Supervisory Board of Knorr-Bremse AG.
Effective July 1, 2010, Dr. Martin Kimmich was appointed
by the Munich Registration Court to replace Ms Fischer as
an employee representative on the Supervisory Board. The
Supervisory Board wishes to thank Ms Fischer for her contributions
to its work.
It is with a deep sense of gratitude that we honor the
memory of Dr.-Ing. E. h. Wilfried Lochte, who passed away
on March 7, 2011. Dr. Lochte was a member of the Supervisory
Board of Knorr-Bremse AG and of the Supervisory
Board of Knorr-Bremse Systeme für Nutzfahrzeuge GmbH
from 1993 to 2008. With his extensive experience and pronounced
entrepreneurial thinking, throughout this period
Dr. Lochte stewarded the progress of Knorr-Bremse with
great commitment and was instrumental in shaping the
company’s development through fundamental decisions
on its strategic direction. He played a decisive part in enabling
Knorr-Bremse to become established as global market
leader in the rail vehicle systems and commercial vehicle
systems sectors. He maintained close, friendly and
trusting relations with the company’s shareholders. We will
not forget him.
Munich, March 18, 2011
The Supervisory Board
Heinz Hermann Thiele
Chairman