The Audit Committee met in April 2012 to review and prepare the approval of 2011 financial statement, to draw up a proposal for the appointment of the external auditor and to confer on all matters relating to the Group's financial reporting. A further meeting was held to appraise the Group's internal audit, risk management procedures, internal control system and corporate compliance. The members of the Audit Committee were Dr. Alfred Hutterer (Chairman), Dr. Rainer Siegel, MBA and Rudolf Aichinger.
The functions of the strategy committee, which lays the groundwork for decisions of fundamental significance in collaboration with the Executive Board, calling upon expert assistance where appropriate, are exercised by the Supervisory Board as a whole, provided that this latter comprises no more than five elected members.
The remuneration arrangements for the Executive Board members are decided by the Supervisory Board's executive committee. All other functions of the human resources committee (primarily Executive Board succession planning, for example) are exercised by the Supervisory Board as a whole. The Executive Committee is made up of the Chairman of the Supervisory Board and his Deputy; it convened once during the period under review. Moreover, the Executive Committee conducts an annual appraisal interview with every Board member, to discuss his performance in the previous year and his objectives for the year ahead.
The committees' members are appointed in line with their respective periods of tenure on the Supervisory Board. Each committee then chooses a chairman and deputy chairman from among its number.