Porsche 2012 Annual Report Download - page 22

At its meeting on 1 March 2012, the audit committee focused on the separate financial statements and
consolidated financial statements for the fiscal year 2011, the combined management report, the current
risk report and the recommendation for the election of the independent auditor for the fiscal year 2012. At
the following meeting on 7 May 2012, the audit committee addressed the interim report for the first quarter
of 2012 and the current risk report. The meeting of 27 July 2012 focused on the six-month financial report
2012, the accounting effects of the accelerated creation of the integrated automotive group and the status
of litigation. At its final meeting in the fiscal year 2012 on 23 October 2012, the audit committee discussed
the interim report for the third quarter of 2012, the compliance management status report and the current
risk report.
Nomination committee
The nomination committee provides the supervisory board with recommendations for the supervisory
board’s proposals to the annual general meeting concerning the election of supervisory board members of
the shareholders. The nomination committee consists of the supervisory board chairman, who is at the
same time the chairman of the nomination committee, and three other shareholder representatives. The
current members of the nomination committee are Dr. Wolfgang Porsche, who chairs the committee, and
Prof. Dr. Ferdinand K. Piëch, Dr. Hans Michel Piëch and Dr. Ferdinand Oliver Porsche. The nomination
committee did not meet in the fiscal year 2012.
Integrated automotive group committee
The integrated automotive group committee adopted resolutions on behalf of the supervisory board as a
whole where required by law or otherwise conducive to the creation of an integrated automotive group.
These competencies were transferred only to the extent that the resolution is not required by Sec. 107 (3)
Sentence 3 AktG to be passed by the supervisory board as a whole. According to the provisions of the
supervisory board resolution, resolutions in the integrated automotive group committee had to be passed
unanimously. The committee was established until 31 December 2012 and therefore no longer exists.
In the fiscal year 2012, the integrated automotive group committee comprised the following members:
Messrs. Dr. Wolfgang Porsche, Uwe Hück, Prof. Dr. Ulrich Lehner, Dr. Hans Michel Piëch, Hansjörg
Schmierer (since 23 January 2012) and Werner Weresch. In the reporting period, the committee had five
members until the court appointment of Mr. Hansjörg Schmierer as a member of the supervisory board by
the Stuttgart Local Court on 23 January 2012, and six members following the appointment.
The committee met twice in the fiscal year 2012. At its meeting on 30 January 2012, the integrated auto-
motive group committee obtained information on the ongoing review of the concept for the accelerated
creation of the integrated automotive group by way of contributing Porsche’s operating business to
Volkswagen AG.
At the second and final meeting of the integrated automotive group committee, which was held on 4 July
2012, the committee intensively discussed the concept for the accelerated creation of the integrated auto-
motive group. After receiving information from the executive board and reviewing the concept in detail, the
committee resolved to approve the concept for the accelerated creation of the integrated automotive group
by way of the contribution of Porsche’s operating business to Volkswagen AG and the measures for imple-
menting the concept.
118 To our shareholdersTo our shareholders
Report of the supervisory board