BMW 2007 Annual Report Download - page 10

08 Report of the Supervisory Board
The six meetings of the Personnel Committee in 2007 were mainly dedicated to preparing for Board of
Management appointment decisions, in particular pre-selecting candidates and deliberating on compensa-
tion matters. The Personnel Committee again reviewed the appropriateness of the compensation of the
members of the Board of Management – including individually agreed upper limits – in view of the tasks per-
formed, the financial condition of the Group and compensation levels within the automotive industry and
at other DAX-listed companies. In individual cases, the Personnel Committee authorised the acceptance of
external mandates by current and former members of the Board of Management.
In line with the recommendation of the German Corporate Governance Code, the Supervisory Board created
a Nomination Committee in 2007 in addition to the existing committees. The Nomination Committee com-
prises the Chairman of the Supervisory Board (as chairman) and two further members of the Supervisory
Board representing the interests of shareholders. The Nomination Committee is charged with the task of
finding suitable candidates for election to the Supervisory Board and for inclusion in the Supervisory Board’s
proposals for election at the Annual General Meeting. The Nomination Committee did not hold any meetings
in 2007 but convened for the first time in January 2008 to propose candidates for the forthcoming elections
at the Annual General Meeting 2008.
The statutory Mediation Committee (§ 27 (3) of the Law on Worker Participation) was not required to convene
during the financial year 2007.
The Chairman reported regularly at Supervisory Board meetings on the status of Presiding Board and com-
mittee work.
The names of the members of the Supervisory Board committees, including those of the newly created
Nomination Committee, are shown in the corporate governance report.
There were no other changes in the composition of the Supervisory Board during the year under report. The
mandates of Dr. Hans-Dietrich Winkhaus and Mr. Arthur L. Kelly come to an end at the close of the Annual
General Meeting on 8 May 2008. The two members will not be standing for re-election due to the age limit
applicable to Supervisory Board members. Mr. Konrad Gottinger resigned as member of the Supervisory
Board with effect from 15 February 2008. Mr. Heinz-Joachim Neubürger resigned with effect from the close
of the Annual General Meeting 2007. Both Mr. Gottinger and Dr. Winkhaus were elected to the Supervisory
Board in 1999 and carried out important functions in the Presiding Board and in various committees. Mr. Kelly,
who joined the Supervisory Board back in 1992, has provided valuable services to the BMW Group during
his long period of office. The Supervisory Board would like to thank the members leaving office for the dedi-
cated and commendable services they have performed in the interests of the BMW Group.
Composition of the Super-
visory Board, the Presiding
Board and the committees