No power train without Miba technology

M i b a A k t i e n g e s e l l s c h a f t , L a a k i r c h e n
Report of the Supervisory Board
In the 2009-2010 business year, the Supervisory Board fulfilled its obligations according to
Austrian law and the Articles of Incorporation. The focus of the Board’s activities was the
regular advising of the Management Board regarding key matters in the company’s development.
The Management Board provided the Supervisory Board with regular, timely and
comprehensive information about all issues relevant to business development, including
risk status and risk management in the company and in the relevant Group businesses.
The Chairman of the Management Board discussed current issues and decisions with the
Chairwoman or Deputy Chairman of the Supervisory Board.
In total, five Supervisory Board Meetings took place during the business year. No member
of the Supervisory Board attended fewer than half of the meetings. Specific current
issues were regularly addressed in discussions between the Management Board and the
Chairwoman of the Supervisory Board.
Along with the Steering Committee, the Supervisory Board formed an Audit Committee
from among its members, which carries out legal tasks in connection with the Audit
Report and the assessment of the Annual Financial Statement, the proposed distribution
of profits and the Management Report as well as the Consolidated Financial Statements
and the Consolidated Management Report. In addition, it makes a proposal regarding the
selection of auditors. In the past year the Audit Committee held two meetings.
The annual financial statements, management report and notes as well as the annual consolidated
financial statements, group management report and notes were audited by
KPMG Austria Gesellschaft mbH, Linz, Austria. On the basis of the final audit result, the
auditors approved the documents without objection and issued an unqualified audit opinion.
125