Operating procedures for management and supervisory boards
OPERATING PROCEDURES FOR THE MANAGEMENT AND SUPERVISORY BOARDS; COMPOSITION AND OPERATING PROCEDURES FOR THEIR COMMITTEES
The management and supervisory boards work together closely and in an atmosphere of trust in the interests of the company. The chairman of the supervisory board coordinates the board's work and chairs its meetings. The supervisory board has also appointed committees. The management board generally attends supervisory board meetings, submits written and verbal reports on individual agenda items and proposals for resolution, and answers any questions posed by supervisory board members. The supervisory board also meets regularly in the absence of the management board.
Pursuant to Article 7 of the company's statutes, the supervisory board appoints the members of the management board and determines the rules of procedure and delegation of responsibilities for the management board. The chairman of the supervisory board decides whether management board members should attend supervisory board meetings. The supervisory board has also determined rules of procedure for itself and for its committees. In its report to the annual general meeting each year, the supervisory board discusses its activities and those of its committees. We provide information on the members and the chairman of the supervisory board committees under Management and Supervisory Boards. There are no committees at management board level.
The supervisory board has defined specific objectives governing its composition and has drawn up a corresponding skills set for the board as a whole. The skills set also contains the diversity objectives. It forms the basis for all election proposals submitted to the annual general meeting. The objectives and skills set can be found under Management & Supervisory Boards. It also reports on the status of implementation of the objectives set.
When proposing candidates for election to the supervisory board, the supervisory board generally considers an age limit of 70 years at the time of election. In the case of nominations for re-election of a supervisory board member, an age limit of 75 years at the time of re-election applies as a general rule.