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Geschäftsbericht 2014, englisch - Report of the Supervisory Board

münchener Hypothekenbank eg | annual report 201486 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 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 reg- ularly scheduled meetings with the Board of Management during the year under review. The key subjects and advisory issues cov- ered were the development and planning of the Bank’s business activities, the business and risk strategy, planning and increas- ing the Bank’s equity capital, the conduct of a “Comprehensive Assessment” by the European Central Bank (ECB) as a preparatory measure ahead of the ECB assuming direct supervision of the Bank, as well as the risk situation. The Supervisory Board has established committees to enable it to carry out its duties efficiently. During the year under review the Supervisory Board revised the structure of its committees in ac- cordance with the new version of Art. 25d of the German Bank- ing Act (KWG). The newly constituted committees were the Audit Committee, the Risk Committee, and a Nomination and Remu- neration Control 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 2014 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 Audit 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 (Ge­ nossenschaftsgesetz), including the audit of the 2014 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 Man- agement 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 2014 – 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, Michael Glos stepped down as member of MünchenerHyp’s Supervisory Board as scheduled at the end of his term of office. Mr. Glos had been a member of the Bank’s Supervisory Board for a total of 17 years, including numerous years as Deputy Chairman. His business expertise, es- pecially as an owner of a mid-sized enterprise, as well as his vast experience and strong commitment, provided vital support to MünchenerHyp and its Supervisory Board during a time marked by numerous changes and challenges. Dr. Peter Ramsauer, a former federal minister, was newly elected as a member of the Bank’s Supervisory Board during the 2014 Delegates Meeting. The Supervisory Board elected from among its members, HSH Albrecht Prince of Oettingen-Spielberg, as the new Deputy Chairman. MünchenerHyp’s 2014 business year was primarily driven by preparations required ahead of the ECB taking over direct super- vision of the Bank after it had been deemed to be a “significant” bank. This posed a major challenge and burden to the Bank and its employees, especially because of the extensive audits required by the ECB’s Comprehensive Assessment. MünchenerHyp passed all of the related requirements in an exemplary manner. Further- more, the substantially higher equity capital requirements that arose without warning due to the unexpected classification of Report of the Supervisory Board

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