Annual Report 2012 - ORCO Germany
Annual Report 2012 - ORCO Germany
Annual Report 2012 - ORCO Germany
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6. Other reporting requirements<br />
6.1. Subsequent closing events<br />
The <strong>ORCO</strong>-GSG land plot Kurfürstenstrasse 11 was finally transferred on 1 st of January 2013.<br />
6.2 Financial Risks Exposure<br />
For a thorough description of the principal risks and uncertainties, please see at Note 3 Financial risk<br />
management of the consolidated financial statements.<br />
6.3. Corporate Governance<br />
Principles<br />
Good corporate governance improves transparency and the quality of reporting, enables effective management<br />
control, safeguards shareholder interests and serves as an important tool to build corporate culture. <strong>ORCO</strong><br />
<strong>Germany</strong> is dedicated to acting in the best interests of its shareholders and stakeholders. The Company is<br />
committed to continually and progressively implement industry best practices with respect to corporate<br />
governance and has been adjusting and improving its internal practices in order to meet evolving standards. The<br />
Company aims to communicate regularly with its shareholders and stakeholders regarding corporate governance<br />
and to provide regular updates on its website.<br />
Management of the Company<br />
On 11 November 2010, the Board of Directors appointed Mr. Jean-Francois Ott as CEO, Mr. Nicolas Tommasini<br />
as Deputy CEO and Mr. Brad Taylor as Director of Corporate and Legal Affairs of <strong>ORCO</strong> <strong>Germany</strong>.<br />
Mr. Ott, Mr. Tommasini and Mr. Taylor are based in Paris, and they make up the senior management and the<br />
executive committee of the Company.<br />
Board of Directors of the Company<br />
The Company is administered and supervised by a Board of Directors made up of a maximum of 6 members,<br />
who are appointed by the general meeting of shareholders for a period of office not exceeding six years. They are<br />
eligible for re-election and may be removed at any time by decision of the general meeting of shareholders by<br />
simple majority vote. In the event of a vacancy in the Board of Directors, the remaining members may co-opt a<br />
new member. The Board of Directors has the following tasks and competencies, without such list being<br />
exhaustive:<br />
<br />
<br />
<br />
<br />
<br />
<br />
Setting the objectives and management policies of the Company<br />
Preparing the annual operating and financing plans<br />
Managing the Company’s business affairs and performing all the acts and operations relating to the<br />
corporate purpose that do not fall within the duties attributed to other bodies of the Company<br />
Representing the Company in or out of court<br />
Acquiring, selling real estates<br />
Incorporating companies<br />
<strong>Annual</strong> Management <strong>Report</strong> – <strong>ORCO</strong> GERMANY<br />
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