Audi 2013 Annual Report Download - page 210

CORPORATE GOVERNANCE REPORT
RISK MANAGEMENT // COMMUNICATION AND TRANSPARENCY
MANAGEMENT REPORT
207
A
The Audi Group bases the systemic design of its risk manage-
ment system and internal control system on the “Three Lines
of Defence Model.” This system architecture is based on the
recommendations of leading specialist organizations such as
the European Confederation of Institutes of Internal Auditing
(ECIIA). The first line of defence is provided by the divisions of
AUDI AG and the Group companies. In their capacity as the risk
owners, they are responsible for managing their risks and con-
trols, and are also required to carry out reporting. The findings
from this operational risk management are continuously being
incorporated into internal planning and control calculations.
Regardless of the defined reporting intervals, the risk officers
are also required to report any unexpected external influences
on an ad hoc basis. Furthermore, as the second line of defence,
Central Risk Management takes care of the basic functioning of
the risk management and internal control systems. Its core
activities include systemic monitoring and the guaranteeing of
regular reporting, aggregated on a Group-wide basis, on the
risk situation and on the effectiveness of the systems to the
Board of Management and Supervisory Board. The Audit Com-
mittee of the Supervisory Board is also briefed in detail by
Central Risk Management on the risk management and inter-
nal control systems. Additionally, as the third line of defence,
Internal Auditing helps the Board of Management with the
task of monitoring the various divisions and units within the
Audi Group.
Further detailed information on the Group-wide risk manage-
ment system and in-depth information on the internal control
system for financial reporting can be found in the Report on
risks and opportunities in the Combined Management Report
of the Audi Group and AUDI AG on pages 196 to 203.
COMMUNICATION AND
TRANSPARENCY
Transparency and maintaining an open dialogue are essential
components of Audi’s approach to corporate communications.
All of the Group’s key publication dates, as well as the date of
the Annual General Meeting of AUDI AG, are listed in the
financial calendar, which is available for public consultation
at any time on the Company website at www.audi.com/
financialcalendar. The financial calendar is also published in
the Company’s Annual Report.
In addition, AUDI AG publishes the invitation and the agenda
for its Annual General Meeting, including any countermotions
received, on the website at www.audi.com/investor-relations
and www.audi.com/annualgeneralmeeting. Shareholders may
exercise their voting rights in person at the Annual General
Meeting. Alternatively, they may choose to have their rights
exercised by their chosen proxy or using a proxy appointed by
the Company and bound by their instructions. Shareholders
also have access to an Internet-based system for the issuing
or canceling of powers of attorney or for making changes to
instructions at www.audi.com/annualgeneralmeeting, which
is available throughout the general discussion and can also
be used to view a live broadcast of the meeting.
Section 15 of the German Securities Trading Act (WpHG) obliges
all domestic issuers of financial instruments to publish and
disclose insider information that has a direct bearing on them
without delay. This regulation is intended to prevent insiders
from using advance knowledge to trade shares to their advan-
tage. The Company’s ad hoc announcements are published on
the Internet at www.audi.com/investor-relations in the “News
and Ad hoc” section, under the menu item “Ad hoc announce-
ments.” The “News and Ad hoc” section also contains further
news and information about the Audi Group, such as reporting
of voting rights according to Sections 21 ff. of the German Secu-
rities Trading Act (WpHG) and other legal issues. The notices
and information published there are also available in English.
Communications relating to share dealings by management
members pursuant to Section 15a of the German Securities
Trading Act (WpHG) can also be accessed at www.audi.com/
investor-relations in the “Corporate Governance” section under
the menu item “Directors’ Dealings.”