Supervisory Board meetings

The Supervisory Board met twelve times in 2014: six physical meetings and six conference calls. The non-physical meetings were held to discuss financial updates and recent developments within the company, usually in months when there was no physical meeting. The Management Board members attended all those meetings either in full or in part. The meetings of the Supervisory Board achieved an overall average attendance rate of 87%.

All members have sufficient time available for their duties relating to their membership of the Supervisory Board. No member of the Supervisory Board was regularly absent from the meetings. Their availability for ad-hoc calls and prompt response to emails, and the fact that the members attended the meetings well prepared and actively participated in the discussions, demonstrate they were all able to devote sufficient attention to the company.

The agenda for the meetings was prepared through consultation between the Chairman, the Management Board and the Company Secretary. In addition to the regular meetings, the Chairman of the Supervisory Board was in regular contact with the CEO of the company. The members of the Supervisory Board also held informal consultations with members of the Management Board and senior management of the company to keep closely informed about the business.

Meetings of the Supervisory Board are preceded by committee meetings. The chairs of the committees work closely with senior management and conduct regular face-to-face meetings to set the agendas and prepare all relevant information for the committee meetings.

The two new Supervisory Board members followed an induction programme which covered, among other matters, general financial, social and legal affairs, financial reporting by the company and the responsibilities of a supervisory board member. Several meetings with the Management Board members and senior management were organised to familiarise the two new Supervisory Board members with the company strategy, the business unit strategies and activities. The programme also included site visits.