BMW 2008 Annual Report Download - page 12

13 Report of the Supervisory Board
commendable services performed on behalf of the BMW Group. On  March  Stefan Schmid was
elected to the Presiding Board and as a member of the Audit Committee and the Personnel Committee.
On  May , after many years of service as member of the Supervisory Board, Prof. Dr. Jürgen Strube
was elected to the Presiding Board, the Personnel Committee, the Nomination Committee and the Audit
Committee. He took over the chair of the Audit Committee with effect from  December .
Examination of financial statements and the profit distribution proposal The Company and Group
Financial Statements of Bayerische Motoren Werke Aktiengesellschaft for the year ended  December

and the combined Company and Group Management Report were audited by KPMG AG Wirt schafts-
prü fungs gesell schaft, Munich, and given an unqualified audit opinion on  February . The Audit
Committee initially examined these documents intensively at its meeting on  February , discussing
matters in person with representatives of the external auditor. The Supervisory Board subsequently ex-
amined the relevant drafts of the Board of Management at its meeting on  March , after hearing the
committee chairman’s report on the meeting of the Audit Committee. The external auditors were also
present at this meeting to report on the main findings of their audit and to provide additional information as
necessary. Documents relating to the Company and Group Financial Statements and to the combined
Management Report as well as the long-form audit reports of the external auditors were made available to
all members of the Supervisory Board in a timely manner. The Supervisory Board concurred with the
results of the external audit and approved the Company and Group Financial Statements of Bayerische
Motoren Werke Aktiengesellschaft for the financial year  prepared by the Board of Management. The
Company Financial Statements are therefore adopted. The Board of Management’s profit distribution
proposal was reviewed by the Audit Committee and the Supervisory Board. They consider the proposal
appropriate and therefore concur with it. In accordance with the conclusion reached on the Supervisory
Board’s examination, no objections were raised.
During the second half of , the BMW Group had to assert itself in the midst of difficult business con-
ditions brought on by a global crisis on the financial markets. The Supervisory Board wishes to thank the
members of the Board of Management, employees and employee representatives for their joint efforts in
strengthening the competitiveness of the BMW Group.
In the opinion of the Supervisory Board the BMW Group is on the right track with its new strategic focus
and its programme of rolling out Efficient Dynamics across the whole of the product range – a programme
which is having measurable success in reducing both emissions and fuel consumption. The Supervisory
Board is convinced that this programme forms a solid foundation for mastering the challenges presented
during a
difficult economic period.
Munich,  March 
The Supervisory Board
Yours,
Joachim Milberg Chairman of the Supervisory Board