Porsche 2006 Annual Report Download - page 11

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9
The Supervisory Board and Executive Board have
repeatedly discussed the recommendations and
suggestions of the German Corporate Governance
Code and have issued a declaration of compliance
in accordance with § 161 AktG which is permanent-
ly available to its shareholders on the website at
www.porsche.de. The declaration of compliance is
reproduced in its entirety in the Corporate Gover-
nance report as part of the 2006/07 annual report.
The Supervisory Board has conducted an efficiency
test in the form of a self-assessment.
In the 2006/07 fiscal year, there were six ordinary
and one extraordinary meeting of the Supervisory
Board. The Standing Committee met six times. The
Mediation Committee did not have to be convened.
The financial statements of Porsche AG and the
consolidated financial statements prepared by the
Executive Board for the 2006/07 fiscal year were
examined, with reference to the bookkeeping and
the combined management report for the AG and
the Group, were audited by Ernst & Young AG Wirt-
schaftsprüfungsgesellschaft Steuerberatungs-
gesellschaft, Stuttgart, who had been elected by
the stockholders' annual general meeting held on
January 26, 2007. The audit included the Executive
Board’s measures for the early identification of risks
that could endanger the company’s success or sur-
vival. The auditor did not have any reservations and
certified this by rendering an unqualified opinion.
The financial statements of Porsche AG, the con-
solidated financial statements and the combined
management report on which Ernst & Young AG
Wirtschaftsprüfungsgesellschaft Steuerberatungs-
gesellschaft, Stuttgart, rendered their unqualified
opinion, as well as the audit reports of the auditor
were submitted to the Supervisory Board for review.
The Supervisory Board reviewed the documents
presented to it in good time in accordance with
§170 (1) and (2) AktG and the audit reports of the
auditor. The Supervisory Board has approved the
results of the audit report of Ernst & Young AG
Wirtschaftsprüfungsgesellschaft Steuerberatungs-
gesellschaft, Stuttgart. Based on the results of its
reviews, the Supervisory Board has no objections
to raise. The Supervisory Board has approved the
financial statements and the consolidated financial
statements for the 2006/07 fiscal year. The annual
financial statements are thus ratified. The Super-
visory Board agrees with the management report
prepared by the Executive Board. The Supervisory
Board also agrees to the Executive Board’s pro-
posal for the appropriation of profit.
At the meeting of the Supervisory Board on Novem-
ber 12, 2007 at which the financial statements were
ratified and the consolidated financial statements
approved, the auditors were present for the relevant
point on the agenda and reported on their audit of
the financial statements and consolidated financial
statements.