BMW 2015 Annual Report Download - page 12

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member and then as Chairman of the Board of Management from 1999. As from 2002 he served firstly as
member and finally, from 2005, as Chairman of the Supervisory Board. The Supervisory Board wishes to
take this opportunity to express its great respect for, and appreciation of, Professor Milberg’s achievements.
Wolfgang Mayrhuber also resigned from the Supervisory Board at his own request at the end of the 2015
Annual General Meeting. The Supervisory Board wishes to thank Mr Mayrhuber for his more than ten years
of valuable, trusted cooperation.
Simone Menne was elected to the Supervisory Board as new shareholder representative. Professor Dr
Henning Kagermann was re-elected as member of the Supervisory Board at the Annual General Meeting in
2015.
After my election to the Supervisory Board by the Annual General Meeting in 2015, the Supervisory Board
members elected me as their new Chairman. In this capacity, and in accordance with the relevant terms of
reference, I remained Chairman of the Personnel and Nomination Committees. I was also elected member of
the Audit Committee. The Corporate Governance Report contains a summary of the composition of the
Supervisory
Board and its committees.
Examination of financial statements and the profit distribution proposal KPMG AG Wirtschaftsprüfungs-
gesellschaft conducted a review of the abridged Interim Group Financial Statements and Interim Group
Management Report for the six-month period ended 30 June 2015. The results of the review were presented
to the Audit Committee by representatives of KPMG AG Wirtschaftsprüfungsgesellschaft. No issues were iden-
tified that might indicate that the abridged Interim Group Financial Statements and Interim Group Manage-
ment Report had not been prepared, in all material respects, in accordance with the applicable provisions.
The Group and Company Financial Statements of Bayerische Motoren Werke Aktiengesellschaft for the
year ended 31 December 2015 and the Combined Management Report – as authorised for issue by the
Board of Management on 18 February 2016 – were audited by KPMG AG Wirtschaftsprüfungsgesellschaft
and given an unqualified audit opinion.
The Financial Statements and the Combined 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.
In a first step, the Audit Committee dutifully examined and discussed these documents at a meeting held
on 25 February 2016. The Supervisory Board subsequently examined the relevant drafts of the Board of
Management at its meeting on 9 March 2016, 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
fi-
nancial reports it had prepared. Representatives of the external auditors attended both meetings, reported
on significant findings and answered any additional questions raised by the members of the Supervisory
Board. They also confirmed that the risk management system established by the Board of Management is
capable of identifying any events or developments that might impair 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. Similarly, they confirmed that they had not identified any facts
in the course of their audit work that were inconsistent with the contents of the Declaration of Compliance
issued jointly by the two boards.
Based on thorough examinations at both Audit Committee and full Supervisory Board level, the Super-
visory Board concurred with the results of the external audit. In accordance with the conclusion reached after
the examination by the Audit Committee and Supervisory Board, no objections were raised. The Group and
Company Financial Statements of Bayerische Motoren Werke Aktiengesellschaft for the financial year 2015
prepared by the Board of Management were approved at the Supervisory Meeting held on 9 March 2016. The
separate financial statements have therefore been adopted.