Service-oriented - Die Schweizerische Post

78 Annual Geschäftsbericht Report | Corporate 2006 Governance
Executive Management or the Board of
irectors regarding potential severance
payments. The notice period for members
of Executive Management is twelve
months.
Changes in Executive Management
There were no changes in top personnel
in the year under review. Karl Kern, Head
of the Post Office Network, retired at the
end of 2006. Patrick Salamin succeeded
him at the beginning of 2007; he was
previously Head of Marketing & Sales in
the Post Office Network unit.
Internal Auditing
The internal auditors submit ongoing
reports to the Audit Committee and an
annual report to the Board of irectors as
a whole, with the Chairman of the Board
of irectors receiving all audit reports. As
a member of the Swiss Institute of Internal
Auditing and thus indirectly a member
of the international Institute of Internal
Auditors, Swiss Post’s Internal Auditing
department is obliged to abide by current
international standards. In particular,
these include principles relating to integrity,
objectivity, confidentiality, technical
expertise and quality assurance. The audit
activities are based on the COSO model
(Committee of Sponsoring Organizations
of the Treadway Commission) aimed at
ensuring the effectiveness and efficiency
of processes, the reliability of financial
reporting and compliance with laws and
regulations. The internal auditors report
to the Chairman of the Board of irectors
and are thus independent of the management
responsible for Swiss Post’s operations.
External audit
Since 1998, KPMG AG have been the
auditors appointed by the Federal Council
for Swiss Post, and they also act as Group
auditors. The auditor in charge has been
responsible for Swiss Post since 2005.
The Audit Committee of the Board of
irectors holds regular discussions with
the external auditors and also checks their
independent status.
Self-regulating organization
In respect of its financial services business,
Swiss Post is, like any other financial intermediary,
subject to the Money Laundering
Act. Because of the scope and characteristics
of Swiss Post’s payments business,
the legislators made this area subject to
supervision by a self-regulating organization
(Swiss Post SRO). The Swiss Post SRO
may be administratively answerable to the
Board of irectors, but neither the Board
nor the Executive Management can issue
instructions to the SRO. Its activities and
compliance with its obligations are monitored
by the Confederation’s Money
Laundering Control Authority, which carries
out on-site audits once a year. Its position
entails a certain degree of tension,
since it is subject to the requirements of
the Control Authority, but is also employed
by Swiss Post while at the same
time supervising Swiss Post in its capacity
as a financial intermediary.