Adidas 1997 Annual Report Download - page 62

60
Report of the Supervisory Board
In the course of the financial
year the members of the
Supervisory Board were regu-
larly and extensively informed
about the development of the
Company and about funda-
mental matters relating to cor-
porate strategy and business
transactions of major impor-
tance by means of verbal and
written reports from the Board
of Directors. In five joint meet-
ings with the Board of Direc-
tors, the prospects of the
adidas Group as well as the
current business development
of the major Group compa-
nies were dealt with in detail.
In addition to the responsibili-
ties prescribed by law and
the Articles of Association, the
Supervisory Board acted in an
advisory role in essential indi-
vidual matters.
Consolidated financial state-
ments were drawn up in ac-
cordance with the require-
ments of German commercial
law (HGB) and additional con-
solidated financial statements
were prepared in compliance
with International Accounting
Standards (IAS). The auditors,
KPMG Deutsche Treuhand-
Gesellschaft, Aktiengesell-
schaft, Wirtschaftsprüfungs-
gesellschaft, Frankfurt/Main,
have audited both consoli-
dated financial statements as
well as the financial state-
ments of adidas-Salomon AG
and the management report
of adidas-Salomon AG com-
bined with that of the Group
and issued unqualified opin-
ions thereon. The financial
statements, the management
report as well as the audit
reports of the auditors have
been presented to the Super-
visory Board.
The Supervisory Board has
examined the financial state-
ments, the management report
and the proposal submitted
by the Board of Directors with
respect to the appropriation of
retained earnings and – as no
objections have been raised –
has approved the results of
the audit.
The financial statements for
the year ended December 31,
1997 have been approved
by the Supervisory Board.
The Supervisory Board has
expressed its agreement with
the management report and
especially with the outlook for
the future development of the
Company. The financial state-
ments are thus approved.
The proposal submitted by the
Board of Directors with respect
to the appropriation of retained
earnings has been approved.
Glenn Bennett, Herbert Hainer,
Dean Hawkins, Erich Stammin-
ger and Jan Valdmaa were
appointed members of the
Board of Directors at the
meeting of the Supervisory
Board on March 6, 1997.
At its meeting on Septem-
ber 15, 1997 the Supervisory
Board approved the acquisi-
tion of Salomon S.A., a French
corporation registered in
Annecy, France, through the
purchase by adidas of the
Family Holding Company,
Sport Développement S.C.A.,
holding 39 per cent of the
capital and 56 per cent of the
voting rights in Salomon S.A.
Immediately preceding the
Extraordinary Shareholders`
Meeting in Nuremberg on
December 15, 1997, the
Supervisory Board extended
the term of office of the Chair-
man of the Board of Directors,
Robert Louis-Dreyfus, and
that of Christian Tourres, who
has been appointed Deputy
Chairman of the Board of
Directors, by another five
years until 2003.
At the same Supervisory Board
meeting, it was proposed to
appoint Jean-François Gautier,
Chief Executive Officer of
Salomon S.A., to the Board
of Directors of adidas-Salo-
mon AG.
1997 was another landmark
year for adidas. We very
much appreciate the work of
the Board of Directors, the
Management Boards of the
Group companies, the Works
Council and all employees
and thank them all for their
commitment to adidas.
Herzogenaurach,
March 4, 1998
The Supervisory Board
Henri Filho
(Chairman)