At the Supervisory Board meeting on February 27, 2012 we approved, after a detailed examination, the consolidated financial statements prepared by the Board of Management and the annual financial statements of Volkswagen AG for 2011, as well as the combined management report. Furthermore, we examined the dependent company report submitted by the Board of Management and came to the conclusion that there were no objections to be raised to the concluding declaration by the Board of Management in the report. Another topic on the agenda was issuing a modified declaration of conformity with the German Corporate Governance Code. We also addressed the plan presented by the Board of Management for creating the integrated automotive group by way of the contribution of the operating business of Porsche Automobil Holding SE to Volkswagen AG and authorized the IAK to adopt all further resolutions required in this context, including the final approval of its implementation.
Our meetings on April 18 and 19, 2012 were mainly devoted to strategic issues. Among other things, we approved the Board of Management’s plans to increase the Group’s capacity in China and North America and to acquire Ducati, the motorcycle manufacturer. In addition, we prepared for, and performed a follow-up evaluation of, the 52nd Annual General Meeting of Volkswagen AG on April 19, 2012. Among other things, we elected the Chairman and Deputy Chairman of the Supervisory Board as scheduled and also resolved the composition of the Executive Committee and the other Supervisory Board committees.
The plans for the extensive restructuring of the Group at an organizational and management level were presented in the meeting on June 1, 2012. These called for the reorganization of the Commercial Vehicles function and the creation of the China function, among other things. We approved the plans after a detailed examination. In addition, we were provided with a detailed status report on the creation of the integrated automotive group with Porsche and authorized the Board of Management to increase the stake in MAN SE to more than 75%.
On September 21, 2012, the Supervisory Board held another meeting, which primarily addressed strategic issues. Among other things, the decision was taken to dissolve the AfGG and the IAK.
The Supervisory Board meeting on November 23, 2012 addressed in detail the Volkswagen Group’s investment and financial planning for the 2013 to 2015 period, and approved the Board of Management’s plans in this area. Another topic discussed during the meeting was the revised version of the declaration of conformity with the German Corporate Governance Code.
Detailed information on the remuneration system for the Board of Management and the Supervisory Board, together with the remuneration actually paid to the members of the boards in the reporting period, can be found in the remuneration report.