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Geschäftsbericht 2013, englisch

81Report 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 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 Personnel Committee, the Lending Committee and the Audit Committee. 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 2013 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 Commit- tee. Moreover, the auditors were also available to provide addi- tional information. Each member of the Supervisory Board re- ceived a copy of the audit report of the legal audit prepared by the auditors in accordance with Article 53 of the Cooperatives Act (Genossenschaftsgesetz), including the audit of the 2013 annual statement of accounts for the Münchener Hypotheken- bank 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 au- ditor. 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 distrib- utable income were examined by the Supervisory Board and en- dorsed. The Supervisory Board recommends that the Delegates’ Meeting approve the annual financial statements for 2013 – 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. Hans Pfeifer stepped down from the Supervisory Board. Mr. Pfeifer resigned his mandate at the conclusion of the 2013 Delegates Meeting following his retirement from active business in 2012. Mr. Pfeifer had been a member of the Supervisory Board since 2000. During his term he was an active member of the Audit Committee where he served with great commitment for many years. His extraordinary expertise – especially in the area of supervisory issues – and his deep roots in the German cooperative organisation were of great value to the Münchener Hypothekenbank and its Supervisory Board. During the 2013 Delegates Meeting Jürgen Hölscher, Member of the Board of Management of the Volksbank Lingen eG, and Rainer Jenniches, Chairman of the Board of Management of the VR-Bank Bonn eG, were newly elected as members of the Supervisory Board. The Supervisory Board thanks the Board of Management and the Bank’s employees for their very dedicated and successful efforts during the year under review. During the previous year the Bank made good progress on its path of growth and was able to further strengthen its market position. As a firmly anchored member of the Cooperative Finan- cial Network the Bank also assumes important tasks in the strate- gically important property financing area of business. Against the background of the upcoming supervisory requirements, MünchenerHyp’s objective will be to continue on its successful course in 2014. The Board of Management, employees as well as the Supervisory Board will dedicate all of their strength to ensure that this goal is met. Munich, April 2014 MÜNCHENER HYPOTHEKENBANK eG Konrad Irtel Chairman of the Supervisory Board Report of the Supervisory Board

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