DHL 2003 Annual Report Download - page 12
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The Executive Committee of the Supervisory Board met four times. The main
topics of discussion at these meetings were issues concerning the Board of Manage-
ment, preparations for the Supervisory Board meetings, and further developments to
corporate governance.
In one of its meetings the Personnel Committee focused in particular on the
development of the Group’s human resources structures and on new tools for human
resources and executive development.
The Finance and Audit Committee held four meetings and focused in particular
on questions of accounting and risk management, auditor independence, issuing the
audit engagement, specifying the focuses of the audit, and agreeing on the fees. The
annual financial statements and consolidated financial statements for fiscal year 2003,
the respective management reports, and the business plan for 2004 were discussed
in detail. In addition, the Supervisory Board’s resolutions on the acquisition and sale
of equity investments and real estate transactions were discussed.
The Mediation Committee set up in accordance with section 27 (3) of the
Mitbestimmungsgesetz (MitbestG – German Co-Determination Act) did not meet
in the fiscal year under review.
The chairs of the respective committees reported regularly on their committees’
work to the Supervisory Board.
The auditors issued an unqualified opinion on the annual financial statements
and the consolidated financial statements, including the respective management
reports, for fiscal year 2003. They also audited the Board of Management’s report
on affiliated companies (dependent company report), produced in accordance with
section 312 of the Aktiengesetz (AktG – German Stock Corporation Act). The auditors,
PwC Deutsche Revision AG, Düsseldorf, reported on the results of their audit and
issued the following audit opinion:
“On completion of our audit in accordance with professional standards,
we confirm that
1. the factual statements made in the report are correct,
2. the Company’s compensation with respect to the transactions listed in the report
was not inappropriately high.”
The annual financial statements and consolidated financial statements, the respect-
ive management reports, the proposal for the appropriation of the unappropriated
surplus, the Board of Management’s report on affiliated companies, and the auditors’
report were made available to and examined by all members of the Supervisory Board.
The Supervisory Board discussed these documents in the presence of the auditors,