Adidas 2000 Annual Report Download - page 56

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52
In the year under review, the Supervisory Board oversaw the
management activities of the Executive Board on a regular
basis and acted in an advisory capacity. The Supervisory Board
was kept informed about the financial position of the Company,
corporate policy and matters relating to major business trans-
actions through verbal and written reports from the Executive
Board. In five joint meetings with the Executive Board and in
three meetings of the General Committee of the Supervisory
Board, business development of the adidas-Salomon Group as
well as the individual operational units and the major Group
companies was reviewed in detail. In addition to the responsi-
bilities laid down by law and the Articles of Association, the
Supervisory Board acted in an advisory capacity in important
individual matters.
Topics covered by the Supervisory Board in 2000 included:
The positive results of the Growth and Efficiency Program.
The new strategy for the adidas brand.
The development of business in the United States.
The impact of changes in the exchange rates.
The Supervisory Board also approved the termination of the
profit sharing and control agreement between adidas-Salomon
AG and erima Sportbekleidungs GmbH and the conclusion of
a share purchase agreement. Under the terms of the share
purchase agreement, adidas-Salomon AG assigned and sold
49% of its holding in erima Sportbekleidungs GmbH and
granted the buyer an option to acquire the remaining 51%.
Additional topics dealt with by the Supervisory Board were:
The restructuring of the production facilities of Salomon S.A.
and Mavic S.A. in France.
The distribution of the second tranche of the
adidas-Salomon AG management stock option plan.
The global sourcing activities.
The external auditors attended the annual financial statements
meeting of the Supervisory Board on March 2, 2000 and sub-
sequent meetings on May 10, August 7 and November 2, 2000.
During these meetings, the quarterly financial statements for
2000 were presented.
Examination and Approval of the 2000 Financial Statements
As in the previous year, consolidated financial statements
were prepared in compliance with International Accounting
Standards (IAS). Under the provisions of § 292a of the German
Commercial Code (HGB), these financial statements exempt
adidas-Salomon AG from drawing up consolidated financial
statements in accordance with German Commercial Law.
The external auditors, KPMG Deutsche Treuhand-Gesellschaft
Aktiengesellschaft Wirtschaftsprüfungsgesellschaft, Frankfurt
am
Main, have audited the consolidated financial statements
and the Group management report. Additionally, they have
audited the financial statements and the management report
of adidas-Salomon AG and issued unqualified opinions thereon.
In the context of their auditing duties in line with § 317 section 4
HGB, the auditors have looked at the existing
Supervisory Board Report
Corporate Governance