Adidas 2002 Annual Report Download - page 99
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97
>In order to ensure the necessary independence of the
work of the Supervisory Board members, the Articles of
Association do not provide performance-related compen-
sation nor a special compensation for committee work.
adidas-Salomon publishes the compensation for advisory
or agency services stating the total amount of such com-
pensation as well as the total number of Supervisory Board
members who have rendered corresponding advisory or
agency services (§ 5.4.5).
>Until 2002, the tasks listed under § 5.3.2 of the Corporate
Governance Code were performed by the entire Supervi-
sory Board. The Supervisory Board will set up an Audit and
Accounts Committee that assumes these responsibilities in
2003 (§ 5.3.2).
>The German Corporate Governance Code recommends
reporting the shareholdings of individual Executive and
Supervisory Board members if these directly or indirectly
exceed 1% of the shares issued by a company. It also
recommends reporting the holdings of the Executive and
Supervisory Boards if the entire holdings of all members
of the Executive and Supervisory Boards exceed 1% of the
shares issued by a company. adidas-Salomon reports such
shareholdings as soon as they exceed 5% (§ 6.6).
>In 2002, prior to submitting a proposal for the election
of the auditor, the Supervisory Board did not obtain a
statement from the auditor saying whether, and where
applicable, which professional, financial and other
relationships existed between the auditor and its executive
bodies on the one hand and the Group and the members
of its executive bodies on the other hand. The Supervisory
Board will, however, request such statements starting in
2003 (§ 7.2.1).
OUTLOOK /// Establishing relevant corporate governance
principles is an ongoing process, which improves with time
and in response to new laws and standards. At adidas-
Salomon, we are committed to continuously developing and
improving our Corporate Governance Principles. Our Corpo-
rate Governance Officer regularly monitors the conformity of
adidas-Salomon with compliance rules and reports to the
Executive and Supervisory Boards. All relevant corporate
governance information is available on our corporate website.