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Committees

Some of the activities of the Supervisory Board are performed by committees of the Supervisory Board. The Supervisory Board has formed four committees from its members. With the exception of the Nomination Committee, which consists of two shareholder representatives, all committees are based on joint representation, with two shareholder representatives and two employee representatives.

Tasks which are the responsibility of the Personnel Committee include selecting suitable candidates to fill Executive Board positions, making preparations for the appointment and withdrawal of Executive Board members and the conclusion, amendment and termination of employment and pension contracts of members of the Executive Board. It is also responsible for appraising the performance of the Executive Board, regularly examining the amount, suitability and customary level of Executive Board remuneration and overseeing the structure of the Executive Board remuneration system. Ulrich Grillo (Chairman), Professor Dr Andreas Georgi, Dr Rudolf Luz and Daniel Hay belong to the Personnel Committee.

It is the job of the Audit Committee to support the Supervisory Board when performing its supervisory functions. It reviews the quarterly accounts and the half-yearly financial report and prepares resolutions of the Supervisory Board for the adoption of the single-entity financial statements and the approval of the consolidated financial statements. The Audit Committee monitors the accounting process and the effectiveness of the internal control system, the risk management system and the internal auditing system. In addition, the Audit Committee deals with compliance issues. In addition to Professor Dr Andreas Georgi as Chairman, the committee includes Professor Dr Susanne Hannemann, Dr Rudolf Luz, Roswitha Armbruster and Sven Schmidt.

The Mediation Committee formed according to Section 27 (3) MitbestG submits to the Supervisory Board a slate of candidates for Executive Board membership if these have not received the required two-third majority of Supervisory Board member votes in the first ballot. Ulrich Grillo (Chairman), University Professor Dr Marion A. Weissenberger-Eibl, Dr Rudolf Luz and Reinhard Müller belong to the Mediation Committee.

The Nomination Committee submits recommendations to the shareholder representatives on the Supervisory Board for the nomination of shareholder representative candidates for election to the Supervisory Board by the Annual General Meeting. Ulrich Grillo (Chairman) and Dr Franz Jung and Klaus-Günter Vennemann belong to the Nomination Committee.

In the constituting meeting of the supervisory board on May 9th 2017 the Strategy Committee was formed. Ulrich Grillo (Chairman), Dr.-Ing. Dr.-Ing. E.h. Klaus Draeger, Detef Moog, Dr. Rudolf Luz, Dagmar Muth and Markus Schaubel belong to this Committee.

The Supervisory Board was regularly and comprehensively informed of the activities of the committees and of the outcome of discussions held in the respective committee meetings in the subsequent plenary meeting.