Reebok 2009 Annual Report Download - page 32

28 TO OUR SHAREHOLDERS Supervisory Board Report
Supervisory Board ReportSupervisory Board Report
Dear Shareholders,
2009 was a year of major challenges, particularly in light of the ongoing global economic and financial crisis. But despite this
difficult environment, the adidas Group was able to maintain its strong competitive position globally. Changed conditions were
catered to with a leaner management structure and corresponding cost-saving opportunities. In addition, considerable progress
was made in the improvement of the Group’s financing, including a significant reduction of financial leverage. The adidas
Group is looking forward with cautious optimism to 2010, a year with major sports events and many promising new product
initiatives.
Igor Landau
Chairman of the Supervisory Board
Supervision and advice in dialogue Supervision and advice in dialogue
with the Executive Boardwith the Executive Board
In 2009, we, as the Supervisory Board,
carefully and regularly monitored the
Group’s management, in particular the
legality, expediency and regularity of
the Executive Board’s management and
supported the strategic development of
the Group as well as major individual
measures.
In this respect, the Executive Board
informed us regularly, extensively and in
a timely manner through oral and written
reports, both at Supervisory Board
meetings and in the periods between
our meetings. This information covered
the Group’s business policy as well as
all relevant aspects of business plan-
ning, including finance, investment and
personnel planning. We were also kept
up-to-date on the course of business,
the operational position of adidas AG
and the Group (including the risk situ-
ation and risk management), the Group’s
financial position and profitability, as
well as all major decisions and business
transactions.
We were involved in all of the Group’s
fundamental decisions in a timely man-
ner. After in-depth consultation and
examination of the detailed documents
submitted to us by the Executive Board,
we approved transactions requiring
Supervisory Board approval and in cases
where, in our opinion, review by the
Supervisory Board was necessary in the
best interest of the Group. In 2009, the
Supervisory Board did not define any new
business matters as being subject to
approval.
We held five Supervisory Board
meetings in 2009. In addition, as the
mandates of the newly elected Super-
visory Board members commenced at
the end of the Annual General Meeting
on May 7, 2009, a constituent meeting of
the newly elected Supervisory Board took
place immediately following the Annual
General Meeting. We also held a meeting
in February 2010, at which we discussed
matters relating to the 2009 financial
year.
In individual cases, we passed additional
resolutions between our meetings.
More than half of the Supervisory
Board meetings were attended by
all Supervisory Board members. All
committee members were present at
all the respective committee meet-
ings. The external auditor, KPMG AG
Wirtschaftsprüfungs gesellschaft, Frank-
furt am Main (KPMG), attended four of
our meetings. In addition, the Super-
visory Board Chairman and the Audit
Committee Chairman also maintained
contact with the Executive Board, in
particular with the CEO and the CFO,
between the Supervisory Board meetings,
discussing the new organisational struc-
ture, brand strategy and the impact of
the global economic and financial crisis
on the adidas Group, and reporting to the
entire Supervisory Board on a regular
basis. The employee representatives met
separately prior to the Supervisory Board
meetings to discuss major agenda topics.