DHL 2007 Annual Report Download - page 118
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Deutsche Post World Net Annual Report 2007
In case of infringements, suitable measures will be taken, which can include action
under labour and disciplinary law if appropriate. Compliance with the Code of Con-
duct is an issue regularly addressed by the Internal Audit department, which is part
of the Finance board department. e subject of compliance is discussed at regular
intervals by the Supervisory Board’s Finance and Audit Committee.
Risk management, accounting and auditing
Our opportunity and risk management system ensures that any risks are identi ed
early on. e system is continuously re ned and updated to re ect the latest develop-
ments. Further details can be found in our risk report starting on page .
The Group accounts are prepared in accordance with International Financial
Reporting Standards (IFRSs). PricewaterhouseCoopers Aktiengesellscha Wirt-
scha sprüfungsgesellscha (PwC), Düsseldorf, was appointed by the AGM as the
auditor of the annual and consolidated nancial statements for the nancial
year, and to review the half-year nancial report. Before engaging the auditors, the
Supervisory Board took steps to ensure that the existing relationships between the
auditors and the company or its executive and controlling bodies did not call into
question the auditors’ independence.
Remuneration Report
e following remuneration report also forms part of the Notes.
Board of Management remuneration
e total remuneration of the Board of Management members is determined by the
Executive Committee, which is headed by the chairman of the Supervisory Board.
e Supervisory Board discusses the structure of the remuneration system based on
the recommendation submitted by the Executive Committee and reviews it regularly.
e remuneration of the Board of Management re ects the size and global reach of
the company, its economic and nancial situation and the roles ful lled by the in-
dividual members. It is set to ensure competitiveness with comparable German and
international companies, thus incentivising the Board of Management members to
deliver maximum performance and achieve results. e Supervisory Board conducts
regular reviews to determine whether the remuneration of the Board of Management
is appropriate, taking into account the company’s results, the industry in which it
operates and its future prospects.
e remuneration of the Board of Management is performance-based and comprises
xed and variable elements as well as long-term incentives.