Å kodaAuto ANNUAL REPORT 2006 - Skoda Auto

REPORT OF THE SUPERVISORY BOARD
During the past fiscal year, the Supervisory
Board was kept regularly and duly informed
by the Board of Directors of the situation
at ŠKODA AUTO a.s. (the “Company”) and
subsidiaries within the consolidated group
(together, the “Group”), their financial
performance, and their business policies.
Under a resolution dated 10 February 2006,
VOLKSWAGEN AG, as the sole shareholder
of ŠKODA AUTO a.s., approved the
appointment of PricewaterhouseCoopers
Audit, s.r.o., Prague, as the auditor of the
Company’s financial statements for the
fiscal year 2006.
Business processes subject to the approval
of the Supervisory Board under law or the
Articles of Association, as well as those of
extraordinary importance, were discussed
in detail at the meetings of the Supervisory
Board. On the basis of written and oral
reports by the Board of Directors,
the Supervisory Board was able to
continuously oversee the activities of the
Company’s management and that of the
Group as a whole, thereby properly
fulfilling the function entrusted to it by law.
The auditors issued an unqualified opinion
on the annual financial statements
of ŠKODA AUTO a.s. according to IFRS
and the consolidated Group financial
statements according to IFRS for the year
ended 31 December 2006. At its meeting
held on 16 February 2007, the Supervisory
Board discussed the financial results and
accepted the proposal of the Board of
Directors regarding the allocation of profit
of the annual financial statements
of Škoda Auto according to IFRS. The
Supervisory Board authorised the Board
of Directors to submit the 2006 financial
statements to the sole shareholder,
VOLKSWAGEN AG, for approval.
Dr. h. c. Ing. Vratislav Kulhánek
Chairman of the Supervisory Board
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