Porsche 2009 Annual Report Download - page 17

At the first five meetings in the 2009/10 fiscal year, the executive committee paid special
attention to the status of the negotiations with Volkswagen AG and the investigations of the public
prosecutor and the accusations being investigated. The meetings in the second half of the fiscal
year 2009/10 focused on the planned approach of Porsche Automobil Holding SE in connection
with the increase of preference capital at Volkswagen AG provided for in the basic agreement, the
annual general meeting of Volkswagen AG on 22 April 2010 and the status of the investigations of
the public prosecutor and the US complaints for damages.
It was not necessary to convene the mediation committee. The supervisory board was
regularly informed of the work of the executive committee.
Audit committee
The audit committee provides the supervisory board with support for monitoring the com-
pany management with special focus on the accounting process, the effectiveness of the systems
of internal control, compliance, risk management and the internal audit function and the audit of the
financial statements.
The audit committee has four members: Prof. Dr. Ulrich Lehner (chairman) and Messrs.
Uwe Hück, Bernd Osterloh and Dr. Ferdinand Oliver Porsche. It held five meetings and reported to
the supervisory board regularly on its work.
At its meeting on 15 December 2009, the audit committee recommended that the super-
visory board propose to the annual general meeting on 29 January 2010 to elect Ernst & Young
GmbH Wirtschaftsprüfungsgesellschaft, Stuttgart, as auditors for the 2009/10 fiscal year. On 28
January 2010, the audit committee examined the balance sheet and the income statement in the
group and at the level of Porsche Automobil Holding SE as of 31 December 2009. The audit com-
mittee inquired in particular about the effects from an accounting law perspective of the changed
group structure on the financial reporting and the resulting balance sheet and profit/loss effects.
Finally, it addressed the internal control system of Porsche Automobil Holding SE and the status of
the remaining cash-settled options relating to Volkswagen ordinary shares. In the next two meet-
ings, the audit committee looked at the six-monthly financial report as of 31 January 2010 and the
interim report for the period from 1 August 2009 to 30 April 2010 and the current risk reports as
of those dates. At the last meeting of the fiscal year 2009/10, the audit committee mainly dis-
cussed the engagement of the auditor and the key audit areas to be set. The audit committee also
obtained information about the status of the preparations for the capital increase of Porsche
Automobil Holding SE which is scheduled for the first half of the fiscal year 2011.
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