Download - Volksbank AG

REPORT OF THE SUPERVISORY BOARD.
In the year 2001, the Supervisory Board and its Committees performed the duties entrusted to them
under the law and the Statutes. The Board of Management informed the Supervisory Board regularly
on the progress of business and the situation of the Bank. The resolutions submitted for adoption and
important principles and individual questions were discussed in detail at six meetings of the Supervisory
Board, six meetings of the Loans Committee and one meeting of the Accounts Review Committee in
preparation for approval of the annual financial statements.
The accompanying annual financial statements and the management discussion have been examined
by KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft, Vienna. The final
result of the audit gave no cause for objection, so that the auditor has issued an unqualified opinion.
The financial statements 2001 including the Notes, in keeping with International Accounting Standards
(IAS), and the management discussion have been examined by KPMG Austria GmbH
Wirtschaftsprüfungs- und Steuerberatungsgesellschaft, Vienna. The audit gave no cause for objection
and the legal requirements were fully met. In the opinion of the auditors, the financial statements
give a true and fair view in all material respects of the financial position of Investkredit and its subsidiaries
as of 31 December 2001 and 31 December 2000 and of the profit or loss and cash flows in the
financial years 2001 and 2000, in conformity with the International Accounting Standards. The auditors
confirm that the consolidated financial statements meet the legal requirements for exemption from
the obligation to present a consolidated financial statement under Austrian law. The representatives
of the auditors took part in the Supervisory Board meeting of 20 March 2002 that was convened for
approval of the financial statements and were available to answer questions from members of the
Supervisory Board.
The Supervisory Board has noted and given its assent to the results of the audit, has endorsed the
2001 financial statements, the management discussion and the proposal for the distribution of the
profit and has thus given its approval pursuant to § 125 (2) of the Austrian Stock Corporation Act. The
Supervisory Board has also noted and given its assent to the result of the audit of the consolidated
financial statements.
In the course of its meeting of 18 September 2001, the Supervisory Board took notice of the wish
expressed by the CEO, Alfred Reiter, to retire at year-end after 26 years of meritorious service with the
bank. At the meeting of 27 September 2001, Wilfried Stadler who has heretofore been successfully
active as a member of the Board of Management, was unanimously elected Chairman of the Board of
Management. At the same meeting, Klaus Gugglberger was selected from the circle of suitably qualified
departmental managers to membership and appointed to the Board of Management.
The Supervisory Board
Geiserich E. Tichy
Chairman
Vienna, 20 March 2002
Report of the Supervisory Board
THE BANK FOR CORPORATES
69