BMW 2003 Annual Report Download - page 7
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001 BMW Group in figures
004 Report of the Supervisory Board
008 Supervisory Board
011 Board of Management
012 Group Management Report
12 A Review of the Financial Year
29 Outlook
30 Financial Analysis
44 Risk Management
047 BMW Stock
050 Corporate Governance
054 Group Financial Statements
118 BMW AG Principal Subsidiaries
120 BMW Group10-year Comparison
122 BMW Group Locations
124 Glossary, Index
6
In addition, the Presiding Board held three meetings in
its function as “Audit Committee” (Bilanzausschuss) and
two meetings in its function as Personnel Committee.
The statutory Mediation Committee (§27 (3) of the Law on
Worker Participation) did not need to convene during the
financial year 2003.
At the meetings held in July and December 2003, the
Supervisory Board and Board of Management discussed
the current issues relating to corporate governance. On 2
December 2003, the Boards issued a compliance declara-
tion pursuant to §161 of the German Stock Corporation Act
(AktG) relating to the new version of the German Corporate
Governance Code which took effect on 4 July 2003. The
recommendations of the German Corporate Governance
Code are fulfilled with the exception of a few very minor
divergences (see page 53). The BMW Group Corporate
Governance Code, revised accordingly, summarises the
good corporate governance principles as practised by the
BMW Group.
The financial statements of Bayerische Motoren Werke
Aktiengesellschaft, the Group financial statements for the
year ended 31 December 2003 and the combined Com-
pany and Group Management Report were audited by
KPMG Deutsche Treuhand-Gesellschaft Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft, Munich, and given an
unqualified audit opinion. The Audit Committee reviewed
the financial statements of BMW AG and the Group financial
statements in detail on 27 February 2004. The Supervisory
Board also examined the documents submitted by the
Board of Management and discussed them with the Board
of Management. The long-form audit reports of KPMG were
made available to all members of the Supervisory Board.