BMW 2005 Annual Report Download - page 5
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4
Report of the Supervisory Board
Ladies and Gentlemen,
Throughout the financial year 2005, the Supervisory
Board, with the aid of written and oral reports pro-
vided by the Board of Management and in ensuing
joint discussions, closely followed the progress of
the BMW Group, continuously assessing the gover-
nance of the Board of Management, both in terms
of
efficiency and compliance with legal requirements.
The Supervisory Board was almost complete at each
of its five meetings. Using the detailed and compre-
hensive reports prepared by the Board of Manage-
ment, it discussed and provided advice on a range
of issues relating to the BMW Group’s business and
financial position, personnel situation, corporate
strategies, risk profile and management and selected
strategic projects. Decisions of particular importance
to the enterprise were discussed in-depth with the
Board of Management and, where required by law,
company statutes or Supervisory Board resolution,
approved appropriately. Outside the framework of
formal meetings, and ahead of forthcoming meet-
ings, the Board of Management kept the Super-
visory Board informed on a regular and timely basis
of current developments and significant transac-
tions. The Chairman of the Board of Management
also kept the Chairman of the Supervisory Board up
to date personally with all significant developments
and projects.
Joachim Milberg, Chairman of the Supervisory Board