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9<br />

REPORT OF THE SUPERVISORY BOARD<br />

In fiscal year 2010 the Supervisory Board of <strong>ALNO</strong> Aktiengesellschaft (<strong>ALNO</strong> AG) scrupulously performed<br />

its functions and duties as required by law, the articles of incorporation and its procedural<br />

rules. During the course of these activities it dealt, in detail, with the situation of the company and<br />

constantly advised and supervised the Managing Board.<br />

The co-operation between the Supervisory Board and the Managing Board was characterised by<br />

intensive and open dialogue.<br />

The Managing Board provided the Supervisory Board with regular, up-to-the-minute and comprehensive<br />

information in written and verbal reports on all issues which were of fundamental importance<br />

for the company. There were in-depth discussions, in particular, on the restructuring efforts<br />

of the Managing Board, corporate planning, current business trends, strategic development, the<br />

risk situation and risk management. Discrepancies between the actual course of business and<br />

forecasts were identified and explained in detail by the Managing Board. The Managing Board<br />

co-ordinated the company’s strategic orientation with the Supervisory Board, and reported on the<br />

status of implementation of the strategy in regular intervals. When taking resolutions, the Supervisory<br />

Board was always involved at an early stage.<br />

The Chairman of the Supervisory Board also received regular information from the Managing Board<br />

Chairman on current developments in the company’s business, its risk management and key transactions.<br />

The Supervisory Board reviewed and took decisions on all transactions for which approval by the<br />

Supervisory Board was required by law, the articles of incorporation or its procedural rules. In addition,<br />

key individual business transactions were discussed. Moreover, the Supervisory Board or the<br />

Chairman of the Supervisory Board in 2010 received information upon request from the Managing<br />

Board and the auditor in various discussion meetings, on any risks for the individual companies’<br />

net assets, financial positions and results of operations, and discussed the measures put in place.<br />

SUPERVISORY BOARD MEETINGS<br />

In the reporting year, 2010, the Supervisory Board held five face-to-face meetings, as well as five<br />

telephone conferences. Additional resolutions were passed by circulation of voting papers. One<br />

member of the Supervisory Board attended less than half of the meetings.<br />

Conflicts of interest, which would require disclosure to the Supervisory Board and the handling of<br />

which would need to be reported to the General Meeting, did not arise.

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