Ladies and Gentlemen,
During the past fiscal year, the Supervisory Board addressed the situation and the development of the Volkswagen Group regularly and in detail. In compliance with the legal requirements and the German Corporate Governance Code, we provide advice and support to the Board of Management in issues relating to the management of the Company. The Supervisory Board was consulted directly with regard to all decisions of fundamental importance to the Group. In addition, current strategic considerations were discussed with the Board of Management at regular intervals.
The Board of Management provided the Supervisory Board with regular, prompt and comprehensive verbal and written reports on the development of business, the planning and the position of the Company, including the risk situation and risk management. These included all key aspects relating to the creation of an integrated automotive group with Porsche. The Board of Management also informed us continuously about other current issues and the topic of compliance. We always received documents relevant to our decisions in good time prior to the Supervisory Board meetings. Furthermore, the Board of Management provided the Supervisory Board with detailed monthly reports on the current business position and the forecast for the year as a whole. The Board of Management explained any variations from the defined plans and targets in a comprehensive verbal or written report. The Board of Management and the Supervisory Board discussed and analyzed the reasons for the variations in detail to allow appropriate measures to be initiated.
I held regular discussions with the Chairman of the Board of Management outside the meetings of the Supervisory Board to address matters of strategic business development and risk management, among other things.
The Supervisory Board held nine meetings in fiscal year 2009. All members attended more than half the meetings: average attendance was 96%. We adopted resolutions on urgent matters in writing by means of a circulated document.