BMW 2004 Annual Report Download - page 7

6
Report of the Supervisory Board
of Compliance pursuant to §161 AktG confirming
the BMW Group’s compliance with the German
Corporate Governance Code (in the unchanged
version from 4 July 2003). The mandatory require-
ments of the German Corporate Governance Code
have been complied with, as in the past, except for
a few divergences (see page 115).
The Presiding Board of the Supervisory Board
reviewed the current business performance, medium
to long-term aspects of business development and
the annual forecast of the BMW Group at its regular
meetings. The Presiding Board also discussed
pending corporate governance issues such as the
audit of the effectiveness of the Group’s internal
controls and questions relating to the Declaration of
Compliance issued by the Supervisory Board and
the Board of Management.These issues were dealt
with at threemeetings. In addition, the Presiding Board
convened at two meetings in its function as Audit
Committee and four meetings in its function as Per-
sonnel Committee.The statutory Mediation Com-
mittee (§27 (3) of the Law on Worker Participation)
did not need to convene during the financial year 2004.
The financial statements of Bayerische Mo-
toren Werke Aktiengesellschaft, the Group financial
statements for the year ended 31 December 2004
and the combined Company and Group Management
Report were audited by KPMG DeutscheTreuhand-
Gesellschaft Aktiengesellschaft Wirtschaftsprüfungs-
gesellschaft, Munich, and given an unqualified
audit opinion.
The Audit Committee reviewed the above-
mentioned statements carefully on 28 February
2005. The Supervisory Board also examined the
documents submitted by the Board of Management
and discussed them with the Board of Manage-
ment. The long-form audit reports of KPMG were
made available to all members of the Supervisory
Board. The independent auditors attended the
Audit Committee meeting on 28 February 2005
and the meeting of the Supervisory Board at
which the financial statements were examined on
10 March 2005, and reported on the main results
of their audit.
The Supervisory Board concurred with the
results of the external audit and approved the Com-
pany and Group Financial Statements of Bayerische
Motoren Werke Aktiengesellschaft for the financial
year 2004 prepared by the Board of Management.
The Company financial statements are therefore
adopted.
The Board of Management’s proposal to use the
unappropriated profit available for distribution was
reviewed by the Supervisory Board. The Supervisory
Board concurs with the proposal submitted by the
Board of Management. After the final result of the
review by the Supervisory Board, no objections were
raised.
The Supervisory Board thanked the Board of
Management and employees for all their commit-
ment which has paid off again in an exceptionally
successful financial year.