Annual Report 2005

30
Report of the Supervisory Board
The Supervisory Board held a total of six meetings
and additional telephone conferences in
which the Executive Board of Directors participated
during the past financial year. The
Executive Board of Directors submitted comprehensive,
meaningful documents at all meetings
containing detailed reports on
• the intended business policy and basic
matters relating to corporate planning,
especially financial, investment and
personnel planning
• the profitability of the company, especially
the return on equity and on business
transactions which could be of major
significance for the profitability or liquidity
of the company
• the course of business, in particular turnover, liquidity and the situation of the company
The economic situation and the opportunities for development of NESCHEN AG and the
NESCHEN Group were each discussed in detail on the basis of the Executive Board of
Directors reports. In addition to the ongoing reports on the situation and development of the
company, the Supervisory Board discussed corporate planning in detail with the Executive
Board of Directors. The Supervisory Board also specifically discussed the restructuring program
and measures derived from it at further meetings and during telephone conferences
which the Executive Board of Directors did not take part in. Decisions required regarding staff
were discussed in detail and arranged quickly.
The core topic at all the meetings was the development of all the group companies, the current
market situation and the securing of the company’s liquidity.
During the past financial year, specific issues which were discussed included the relocation of
machine manufacturing from SEAL Graphics Europe B.V. in Raalte, the Netherlands to the
USA as well as the strategic orientation of the American companies and their amalgamation
to form a single company, NESCHEN Americas Corporation.
Intensive discussions were also held with the business consultants assisting with the restructuring
process in order to talk about the planned preliminary measures and their implementation.
To keep itself informed, the Supervisory Board attended all the meetings of the steering
committee held in order to enable the Executive Board of Directors and the business consultants
commissioned to check on and discuss the progress of the restructuring process.