BMW 2011 Annual Report Download - page 12

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Composition and organisation of the Board of Management The Board of Management, with its team
of seven persons, remained unchanged in 2011 in terms of composition and portfolio responsibilities. No
decisions needed to be made in 2011 with respect to the re-appointment or new appointment of Board of
Management members.
Composition of the Supervisory Board, the Presiding Board and Supervisory Board Committees Fol-
lowing Mr Werner Neugebauer’s resignation on 31 December 2010 from his position as employee representa-
tive on the Supervisory Board, on 10 February 2011 the Munich District Court appointed Mr Jürgen Wechsler,
District Manager of the IG Metall Trade Union (Bavaria Region) to the position of employee representative
on the Supervisory Board for the remaining term of office. The composition of the Presiding Board and the
committees of the Supervisory Board remained unchanged during the financial year 2011. An overview of the
composition of the Supervisory Board and its committees is provided in the Corporate Governance Report.
Examination of financial statements and the profit distribution proposal KPMG AG Wirtschafts prü-
fungs gesellschaft conducted a review of the abridged Interim Group Financial Statements and Interim Group
Management Report for the six-month period ended 30 June 2011. The results of the review were reported
orally to the Audit Committee. No issues were identified that might indicate that the abridged Interim Group
Financial Statements and Interim Group Management Report had not been prepared, in all material respects,
in accordance with the applicable provisions.
The Company and Group Financial Statements of Bayerische Motoren Werke Aktiengesellschaft for the
year ended 31 December 2011 and the Combined Company and Group Management Report – as authorised
for issue by the Board of Management on 16 February 2012 – were audited by KPMG AG Wirt schafts prü-
fungs gesell schaft and given an unqualified audit opinion.
Documents relating to the Company and Group Financial Statements, the Combined Company and Group
Management Report, the long-form audit reports of the external auditors and the Board of Management’s
profit distribution proposal were made available to all members of the Supervisory Board in a timely manner.
At the meeting held on 22 February 2012 these documents were examined and discussed initially by the
Audit Committee. The Supervisory Board subsequently examined the relevant drafts of the Board of Manage-
ment at its meeting on 8 March 2012, after hearing the committee chairman’s report on the meeting of the
Audit Committee. In both meetings, the Board of Management gave a detailed explanation of the financial
reports it had prepared. Representatives of the external auditors attended both meetings, reported on sig-
nificant findings and answered any additional questions raised by the members of the Supervisory Board.
The representatives of the external auditors confirmed that the risk management system established by the
Board of Management is capable of identifying events or developments impairing the going-concern status
of the Company and that no material weaknesses in the internal control system and risk management system
were found with regard to the financial reporting process. In the course of their audit work, the external
auditors did not identify any facts inconsistent with the contents of the Declaration of Compliance issued
jointly by the two boards.