Porsche 2010 Annual Report Download - page 17
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Audit committee
The audit committee provides the supervisory board with support for monitoring the com-
pany management with special focus on the accounting process, the effectiveness of the systems
of internal control, compliance, risk management and the internal audit function and the audit of the
financial statements.
The audit committee has four members: Prof. Dr. Ulrich Lehner (chairman) and Messrs.
Uwe Hück, Bernd Osterloh and Dr. Ferdinand Oliver Porsche. It held two meetings and reported to
the full supervisory board regularly on its work.
At its meeting on 12 October 2010, the audit committee mainly discussed the risk report
(September 2010) as well as the current status of litigation concerning damage claims filed by US
hedge funds against Porsche Automobil Holding SE. In addition, the audit committee reviewed the
separate financial statements and consolidated financial statements 2009/ 10, the combined
management report, as well as the dependent company report, and recommended that the full
supervisory board approve the separate financial statements and consolidated financial state-
ments. Furthermore, the audit committee recommended that the full supervisory board propose to
the annual general meeting that Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft, Stuttgart,
be elected as auditor for the short fiscal year 2010. At the second meeting of 26 November 2010,
the audit committee discussed the interim report of Porsche Automobil Holding SE for the period
from 1 August 2010 to 31 October 2010, as well as the risk report (November 2010), and ac-
knowledged it.
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 supervi-
sory board members. 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 repre-
sentatives. 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 hold any meetings during the reporting period.
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