Ladies and Gentlemen,
In fiscal year 2010, the Supervisory Board addressed the position and development of the Volkswagen Group regularly and in detail. We supported the Board of Management in its running of the business and provided advice on issues relating to the management of the Company, in compliance with the legal requirements and the German Corporate Governance Code. The Supervisory Board was directly consulted on all decisions of fundamental importance for the Group, as well as discussing current strategic issues with the Board of Management at regular intervals.
The Board of Management provided us with regular, prompt and comprehensive verbal and written information on the development of the business and the Company’s planning and position, including the risk situation and risk management. This also applies to all key questions relating to the creation of an integrated automotive group with Porsche. In addition, the Board of Management kept us continuously informed about other current issues and about compliance. We were provided with the documents relevant to our decisions in good time for the Supervisory Board meetings in all cases. In addition, we received detailed monthly reports from the Board of Management on the current business position and the forecast for the year as a whole. Where figures varied from the existing plans and targets, the Board of Management provided detailed verbal or written explanations. We discussed and analyzed the reasons for the differences in detail with the Board of Management, so as to allow the appropriate measures to be subsequently taken.
I also held regular discussions with the Chairman of the Board of Management outside the meetings of the Supervisory Board, in which we addressed strategic issues, business development and risk management, among other things.
The Supervisory Board held a total of six meetings in fiscal year 2010, with the average atten- dance rate being 96%. All members of the Supervisory Board attended more than half of the meetings. In addition, we adopted resolutions on urgent matters in writing or using electronic means of communication.