PDF Download - Deutsche Bahn AG

FINANCIAL COMMUNICATIONGROUP INFORMATIONGROUP MANAGEMENT REPORTCONSOLIDATED FINANCIALSTATEMENTSADDITIONAL INFORMATION27ACCOUNTING AND AUDITOn March 28, 2008, the shareholdersʼ meeting appointed PricewaterhouseCoopersAktiengesellschaft Wirtschaftsprüfungsgesellschaft, Berlin, as the auditor for the 2008financial year. The Audit Committee prepared the proposal of the Supervisory Boardfor the election of the auditor and, after the auditor had been elected by the share -holdersʼ meeting, the Audit Committee appointed the auditor and defined the keyaudit issues. The Audit Committee is also responsible for monitoring the independenceof the auditor. It has again been agreed with the auditor this financial year that the Chairmanof the Audit Committee will be immediately notified of any reasons for exclusionor disqualification on the grounds of lack of impartiality which occur during the audit,to the extent that such grounds are not immediately remedied.EFFICIENCY AUDIT OF THE SUPERVISORY BOARDThe Supervisory Board regularly reviews the efficiency of its activities. The Super -visory Board most recently carried out an efficiency audit in December 2007.COMPLIANCE WITH CORPORATE GOVERNANCE PRINCIPLESThe Corporate Governance officer of DB AG reported to the Audit Committee in itsmeeting held on March 25, 2009 and confirmed compliance with and implemen tationof the Corporate Governance principles. To summarize, it can be stated that thesuggestions and recommendations of the code and the related Corporate Governanceprinciples of DB AG regarding the work of the Management Board and SupervisoryBoard were also complied with last year.COMPENSATION REPORTThe following compensation report is an integral part of the group managementreport .More details on page 49COMPENSATION OF THE MANAGEMENT BOARD AND SUPERVISORY BOARDThe members of the Management Board and Supervisory Board receive performancelinkedcompensation consisting of fixed and variable components. The amount of thevariable component is primarily linked to the development of DB Group’s operat ingincome.Employee representatives donate almost all of the compensation they receive asmembers of the Supervisory Board to the Hans-Böckler Foundation.Members of the Management Board and Supervisory Board have liability insur -ance under the terms of a Directors and Officers insurance policy (D&O insurance).The insurance policy is structured as a non-deductible group policy and serves toprotect the covered parties against claims for damages that may be incurred whilecarrying out their duties as Management Board members.