Annual Financial Statement P&I Personal & Informatik AG April 1 ...

Report from the Supervisory Board
Dear Shareholders,
P&I AG grew well in a rapidly changing market and we further strengthened our
position in the market during fiscal 2010/2011. The Management has focused on
established markets and on developing the strengths of the various products and the
consulting skills these measures have proved to be decisive with regard to our
success.
After the conclusion of a period of that was notable for the internal conflicts caused
by the previous Supervisory Board the main focus since last year’s AGM has been a
return to the Supervisory Board’s traditional advisory and supervisory functions. The
strategic orientation of P&I AG was discussed in particular, as well as the future
development of the individual business units with regard to any impacts they might
have on the Company’s profitability. The verification of the controlling and profit
transfer agreement closed with ARGON GmbH was the central topic during the last
quarter.
P&I AG is now a direct dependency of ARGON GmbH, of Munich. The Board of
Directors has produced and submitted a report covering the relationships with
affiliated companies in compliance with § 312 AktG to us.
The auditor has issued an unqualified audit certificate to P&I AG for the report from
the Board of Directors covering the relations with affiliated companies in fiscal 2010
in accordance with § 313 Para. 3, AktG:
"On completion of our audit and assessment in accordance with professional
standards, we confirm that:
1. The actual disclosures contained in the report are accurate.
2. That payments made by the Company for the legal transactions listed in the report
were not disproportionately high.
The Supervisory Board has also audited the report from the Board of Directors
relating to affiliated companies and concurs with the auditor’s ruling.
The Supervisory Board did not raise any objections against the conclusion of the
report or the declaration made by the Board of Directors in the management report
after their own examination was completed.
In fiscal 2010/2011, the Supervisory Board of P&I AG fulfilled its tasks in accordance
with legislation, the Memorandum and Articles of Association and Company bylaws,
and provided consultative support and supervision for the Board of Directors of the
Company within the meaning of the German Corporate Governance Code. The
subject matter of the regular meetings and decisions taken by the Supervisory Board
included development of sales and results, the financial situation, the strategic
orientation of the Company, risk management, the adoption of the Group budget,
corporate governance issues, special audits and annulment actions, personnel
decisions regarding the Board of Directors, taking decisions on specific matters
requiring approval and questions concerning the remuneration of the Board of
Directors.
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