Following our discussion in the Supervisory Board meeting on November 19, 2010, we resolved on January 2, 2011 to reappoint Prof. Dr. Martin Winterkorn as a member of the Board of Management for a full term of office following the expiration of his current term at the end of 2011, and to appoint him as Chairman of the Board of Management.
At the Supervisory Board meeting on February 25, 2011 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 2010, 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. We also approved the proposal by the Board of Management to acquire an equity interest in SGL Carbon SE.
Our meetings on May 2 and 3, 2011 were mainly devoted to strategic issues. Among other things, we discussed with the Board of Management its plans for the Russian automotive market and examined whether to establish a joint venture for materials testing and development in Qatar. We authorized the Board of Management to increase the equity interest in MAN SE. Other agenda items concerned the preparations for, and follow-up evaluation of, the 51st Annual General Meeting of the Volkswagen Group on May 3, 2011.
The Supervisory Board established the Merger Committee in July 2011 and entrusted it with adopting resolutions on behalf of the Supervisory Board in relation to the merger of Porsche SE with Volkswagen AG.
In October 2011, we resolved to rename the Merger Committee the Integrated Automotive Group Committee and to expand its range of duties. The Committee is now responsible for the resolutions relating to the planned creation of an integrated automotive group with Porsche.
A further Supervisory Board meeting was held on September 16, 2011 in which we examined in detail the status of the formation of the integrated automotive group consisting of Volkswagen and Porsche. We also held an in-depth discussion of the Volkswagen Group’s investment and financial planning for the 2012 to 2016 period, and approved the Board of Management’s plans in this area. Furthermore, we were provided with detailed information on the Volkswagen Employee Foundation, which started operations in the third quarter of 2011. In addition, we were presented with the initial results of the ongoing reassessment of the cooperation with Suzuki.
At the Supervisory Board meeting on November 18, 2011, we received comprehensive status reports on the creation of the integrated automotive group and the formation of the commercial vehicle group comprising MAN, Scania and Volkswagen. Other topics discussed during the meeting included the remuneration system for the Board of Management and the annual 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 of the members of the executive bodies actually paid in the reporting period, can be found in the .
The last Supervisory Board meeting for the reporting period was held on December 16, 2011 and focused primarily on status reports concerning the integrated automotive group.