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Foreword | The Supervisory Board | The Management Board | Corporate governance | Compensation report | Share
Management Board and Supervisory Board
Report of the Supervisory Board
The Supervisory Board regularly advised and monitored the Management
Board to the extent mandated by both the law and the company’s Articles of
Association. To that end, the Management Board kept us abreast of the development
of business, providing timely and ongoing information on all major
events and projects related to both the company and the Group as a whole.
As chairman of the Supervisory Board, I communicated regularly with the
chairman of the Management Board, ensuring that the Supervisory Board was
always informed of the company’s business policies, its financial, investment
and personnel planning, the profitability of both the company and the Group,
and their status overall. Inasmuch as Management Board decisions were subject
to the Supervisory Board’s approval, we reviewed all proposals pertaining
to pending resolutions in our meetings or adopted the respective resolutions
on the basis of written information. We placed a particular focus on the operational
planning for 2007 and both financial and balance sheet budgeting in the
medium term, and we approved the annual budget for the 2007 financial year
submitted by the Management Board. Members of the Management Board
regularly participated in meetings of the Supervisory Board. We were included
in all decisions critical to the company. The Supervisory Board met four times
in 2006. In addition, several resolutions concerning Management Board business
subject to the Supervisory Board’s approval were adopted by means of
a written procedure. No member of the Supervisory Board participated in less
than half of its meetings.
Focal points
The Supervisory Board was an active participant in the strategy discussions
held in connection with the strategic development of the Group. In this context,
the decision to build the solar factory in Frankfurt/Oder was discussed
in particular detail. Furthermore, we repeatedly reviewed projects concerning
start-ups and acquisitions in connection with realising the Group’s strategic
aim to become a leading provider worldwide of renewables systems. Based on
reports by the Management Board regarding the projects’ status and outlook,
we discussed and analysed the major ramifications of these projects for the
Group’s ongoing development in detail.
Committees
In 2006, the audit committee met five times while the chairman’s committee
met twice. The former paid particular attention to the Group’s risk management
and issues related to IFRS accounting. It also established the focal points for
the external audit of the company’s financial statements for 2006. Each committee
reported on its work to the full Supervisory Board.
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