Porsche 2010 Annual Report Download - page 14
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Report of the supervisory board
Ladies and gentlemen,
In the short fiscal year 2010 (1 August 2010 to 31 December 2010), Porsche Automobil
Holding SE took another major step toward the creation of the integrated automotive group with
Volkswagen AG. At the annual general meeting on 30 November 2010, both the holders of ordinary
shares and the holders of preference shares approved the capital measures proposed by the execu-
tive board and supervisory board with projected gross issue proceeds of up to 5 billion euro. It is
planned to use the cash from the capital increase to further significantly reduce the liabilities of
Porsche Automobil Holding SE.
Throughout the short fiscal year the supervisory board also discussed the economic situa-
tion, financial position and results of operations including in particular the liquidity situation of Por-
sche Automobil Holding SE and its affiliated companies pursuant to Sec. 15 German Stock Corpora-
tion Act (AktG), and complied with the advisory and oversight functions imposed on it by the law and
the articles of association.
During the short fiscal year, the supervisory board held two ordinary meetings and one ex-
traordinary meeting. If unable to attend meetings, the supervisory board members sometimes
participated in the resolutions by casting votes in writing. His Excellency Sheik Yassim bin Abdulaziz
bin Yassim Al-Thani and Mr. Peter Mosch attended less than half of the supervisory board meetings.
Cooperation between the supervisory board and the executive board
As part of its advisory and oversight functions, the supervisory board was kept informed
throughout the short fiscal year by means of written and verbal reports from the executive board
and in joint meetings. The reporting dealt in particular with the situation of the company, business
development and business policy, as well as its development of the financial position, results of
operations and of liquidity. The supervisory board examined the main planning and reporting docu-
ments submitted to it and satisfied itself that these were correct and adequate. It reviewed and
12