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Management report 29 Bodies and Personnel noticeable expenses. Currently, there is little information available regarding the substance of the coming audits and stress tests. What is clear, however, is that the Bank will have to acquire ad- ditional paid up capital in order to meet the required common equity Tier 1 capital ratio. As the total capital ratio should not be raised the Bank will have to divest unnecessary capital compo- nents, which nevertheless still have to be served. Minimum Requirements for Risk Management (MaRisk) The regulations for the structure of a risk management pro- grammes are defined by the banking supervisory authority in the MaRisk rules. We analysed the terms of MaRisk 5.0 after they were published on December 15, 2012. The resulting required actions were carried out to the greatest extent possible in 2013. Bodies The 2013 Delegates Meeting elected the following persons as new members of the Supervisory Board: Jürgen Hölscher, Mem- ber of the Board of Management of Volksbank Lingen eG, and Rainer Jenniches, Chairman of the Board of Management of VR-Bank Bonn eG. Hans Pfeifer, former Chairman of the Board of Management of Rheinisch-Westfälischer Genossenschaftsverband e. V., stepped down as member of the Supervisory Board at the conclusion of the Delegates Meeting as he had retired in 2012. Konrad Irtel, Chairman of the MünchenerHyp Supervisory Board, thanked Hans Pfeifer for his many years of dedication and his lasting efforts on behalf of the Bank. The new term of office of MünchenerHyp’s Cooperative Advisory Committee began in 2013. This committee consists of chairmen and members of the Board of Management of our partner banks within the Cooperative Financial Network. The committee has 20 members (status January 2014). The current membership of the Advisory Committee is shown on page 83 of this Annual Report. Employees Our personnel strategy continued to be focused on efficiently coping with the additional personnel requirements arising from the Bank’s growth strategy, as well as increasing regulatory re- quirements. Last year we hired 50 new colleagues who were selected from almost 2,000 applicants. Together with these hires, we have re- cruited a total of about 140 new employees over the past three years. Our personnel work is now centred on the integration of our new colleagues to ensure that they can handle their assigned tasks quickly. In 2014 the focus of our efforts will shift towards the further development of employees at MünchenerHyp using a broad spectrum on internal seminars through to external training pro- grammes. Measures to enhance the health of our employees were taken during the course of the year and were closely linked to their further professional and personal development. The average number of persons employed6 at the Bank during the year was 436, plus 15 apprenticed trainees. The numerous new hires led to a reduction in the average number of years of employment per employee from 11 to 10.6 years. Eight employ- ees celebrated their tenth anniversary at the Bank in 2013, while five marked their 25th year with MünchenerHyp. No events of material importance took place after the balance sheet date. 6) Number of employees pursuant to Art. 267 (5) German Commercial Code (HGB): excludes apprenticed trainees, employees participating in parental leave, partial retirement (non-working phase), early retirement, and employees suspended with pay. Report on events after the balance sheet date