100 % FUTURE - ALNO
100 % FUTURE - ALNO
100 % FUTURE - ALNO
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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.