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Geschäftsbericht 2012, englisch

Report of the Supervisory Board 87 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 Supervisory Board regarding the Bank’s corporate planning, its business and financial situation, as well as the Bank’s further strategic devel- opment. The Supervisory Board thereby advised the Board of Management and supervised its management of business. The Supervisory Board’s decisions on actions requiring its approval were made on the basis of reports and materials submitted by the Board of Management. The Supervisory Board held its constituent meeting and four regularly scheduled meetings with the Board of Management during the year under review. The key subjects and advisory is- sues covered were the development and planning of the Bank’s business activities, the business and risk strategy, equity capital planning, as well as the risk situation. The Supervisory Board has established committees to enable it to carry out its duties efficiently. The committees are: the Per- sonnel Committee, the Lending Committee and the Audit Com- mittee. The committees regularly reported on their activities during the Supervisory Board’s meetings. The accounting documents, the annual financial statements and the Management Report for the 2012 financial year were audited as assigned by the Deutsche Genossenschafts- und Raiffeisen- verband 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 audit during a meeting of the Supervisory Board’s Personnel Committee. 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 audi- tors in accordance with Article 53 of the Cooperatives Act (Genos- senschaftsgesetz), including the audit of the 2012 annual state- ment 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 attended by the auditor. The results of the audit are also stated during 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 2012 – 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 Mr Wilfried Mocken and Mr Hans- Joachim Tonnellier stepped down from the Supervisory Board. Mr Mocken’s term of office ended as scheduled at the conclusion of the 2012 Delegates Meeting. He had been a member of the Supervisory Board since 1992. During his term he made extraor- dinary achievements on behalf of MünchenerHyp and was an active member of the Personnel Committee and the Audit Com- mittee for many years. Mr Hans-Joachim Tonnellier had been a member of the Supervisory Board since 2000. MünchenerHyp and its Supervisory Board benefited extensively from his consid- erable business experience gained as Chairman of the Board of Management of Frankfurter Volksbank. Furthermore, he also con- tributed his economic expertise as a member of the Personnel Committee. Mr Tonnellier resigned his mandate upon stepping down from the Board of Management of Frankfurter Volksbank eG due to reasons of age. The Supervisory Board extends their gratitude to Mr Mocken and Mr Tonnellier for the many year of trusted and fruitful collaboration. MünchenerHyp always viewed their expertise and counsel as valuable support. Heinz Fohrer, member of the Board of Management of the Volks- bank Esslingen eG and Kai Schubert, member of the Board of Management of the Raiffeisenbank Südstormarn Mölln eG, were newly elected as members of the Supervisory Board during the 2012 Delegates Meeting. The Supervisory Board thanks the Board of Management and the Bank’s employees for their efforts and dedication, which made it possible for MünchenerHyp to move ahead on its path of growth in a continuously difficult environment. During the year under review the Bank made progress on this path as reflected by the very good new business results and the growing portfolio of mortgage loans. Against the background of the continuing sovereign debt crisis in Europe, 2013 will also be another very challenging year. However, by taking appropriate measures to strengthen its earning power, MünchenerHyp has put important prerequisites in place to assure its solid develop- ment even in difficult times. Munich, April 2013 MÜNCHENER HYPOTHEKENBANK eG Konrad Irtel Chairman of the Supervisory Board Report of the Supervisory Board

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