Composition, duties and rules of procedure of the Supervisory Board
The Supervisory Board consists of a maximum of six members elected by the General Meeting or delegated by shareholders as well as those delegated by the group works council. The Supervisory Board currently consists of five members elected by the General Meeting or delegated by the shareholders as well as four members delegated by the group works council.The Supervisory Board elects a chairperson and one or two vice chairpersons and adopts its own rules of procedure.
The Supervisory Board appoints and removes the members of the Management Board. It oversees the management of the company’s business by the Management Board. Oversight is carried out by reviewing, discussing and, if necessary, approving the reports that the Management Board is required to prepare on a regular basis. The Supervisory Board may also request special reports on all matters concerning the company or the group. Certain material decisions of the Management Board require the prior approval of the Supervisory Board. The Supervisory Board further represents the company in dealings with the members of the Management Board.
The Supervisory Board meets at least once every quarter. Resolutions of the Supervisory Board require a simple majority, unless a higher majority is provided for by law, the Articles of Association or the Rules of Procedure for the Supervisory Board. Unless otherwise determined by the Supervisory Board, the chairperson has the right to cast the deciding vote in the event of a tie.