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Geschäftsbericht 2011 englisch

89 Münchener Hypothekenbank eG Report of the supervisory Board During the year under review the Supervisory Board carried out its supervisory functions in accordance with the legal require- ments, the Bank’s Articles of Association and its bylaws. The Board of Management reported in a timely manner to the Su- pervisory Board regarding the Bank’s corporate planning, as well as its business and financial situation and the Bank’s further strategic development. The Supervisory Board thereby advised the Board of Management and supervised its management of business. The Supervisory Board’s decisions on actions requir- ing its approval were made on the basis of reports and materi- als submitted by the Board of Management. The Supervisory Board held its constituent meeting and four re- gularly scheduled meetings with the Board of Management du- ring the year under review. The key subjects and advisory issues covered were the development and planning of the Bank’s bu- siness activities, the business and risk strategy, planning of the Bank’s equity capital and the risk situation, especially the effects of the sovereign debt crisis. The Supervisory Board has established committees to enable it to carry out its duties efficiently. The committees are: the Personnel Committee, the Lending Commit- tee and the Audit Committee. The committees regularly report- ed on their activities during the Supervisory Board’s meetings. The accounting documents, the annual financial statements and the Management Report for the 2011 financial year were audit- ed as assigned by the Deutsche Genossenschafts- und Raiff- eisenverband e.V., Berlin, and received an unqualified certificate from the auditors. There were no reservations. The auditors gave an extensive oral presentation of the primary results of their au- dit during a meeting of the Supervisory Board’s Personnel Com- mittee. Moreover, the auditors were also available to provide additional information. Each member of the Supervisory Board received a copy of the audit report of the legal audit prepared by the auditors in accordance with Article 53 of the Coope- ratives Act (Genossenschaftsgesetz), including the audit of the 2011 annual statement of accounts for the Münchener Hypothekenbank eG, for their information on a timely basis. The results of the audit were examined during a joint meeting of the Board of Management and the Supervisory Board attend- ed by the auditor. The results of the audit are also stated dur- ing the Delegates Meeting. The annual financial statements, the Management Report, and the Board of Management’s proposal for the allocation of dis- tributable income were examined by the Supervisory Board and endorsed. The Supervisory Board recommends that the Delegates’ Meeting approve the annual financial statements for 2011 – as explained – and endorse the Board of Management’s proposal for the allocation of net income. The proposal is in accordance with the terms of the Bank’s Articles of Association. During the year under review His Royal Highness Duke Max in Bavaria stepped down from the Supervisory Board at the end of his term of office. He originally became a member of the Su- pervisory Board in 1991, and in 2005 was appointed Deputy Chairman of the Supervisory Board. Duke Max in Bavaria also contributed his vast experience and business acumen to the Su- pervisory Board’s committees, including the Lending Commit- tee, which he joined in 1992 and most recently chaired, and the Personnel Committee, where he served as a valued member from 2005 until now. The Supervisory Board wishes to express its gra- titude to His Royal Highness for his extraordinary efforts on be- half of the Bank. The Münchener Hypothekenbank and its Su- pervisory Board benefited greatly from his extensive knowledge. His Serene Highness Albrecht Prince of Oettingen-Spielberg was newly elected to the Supervisory Board. Konrad Irtel, the Spokes- man of the Board of Management of the VR Bank Rosenheim- Chiemsee eG, was confirmed as a member of the Supervisory Board for another term of office. During their constitutive meet- ing held on April 16, 2011, the members of the Supervisory Board re-elected as Mr. Irtel as Chairman of the Supervisory Board. Michael Glos, a former federal minister, was elected as the new Deputy Chairman of the Supervisory Board. The Supervisory Board thanks the members of the Board of Ma- nagement and all of the Bank’s employees for their hard work during a particularly difficult banking year, especially for their major efforts related to the successful regulatory approval for the Bank to use the Internal Ratings Based Approach (IRBA). During the year under review MünchenerHyp was able to master the demanding challenges posed by the sovereign debt crisis. Very good new mortgage business results confirmed the Bank’s impor- tance in this sector and gave us confidence to face future challenges. Munich, in April 2012 MÜNCHENER HYPOTHEKENBANK eG Konrad Irtel Chairman of the Supervisory Board Report of the Supervisory Board

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