Corporate Governance

Board of Management

The Board of Management leads the company at its own responsibility and defines goals as well as strategy. In accordance with § 7 Paragraph 1 of the Articles of Association, the Board of Management is comprised of at least two persons. Beyond that, the Supervisory Board determines the number of members. The current composition of the Board of Management.

The working practice of the Board of Management is governed by Rules of Procedure adopted by the Supervisory Board. These define the areas of responsibility of the individual members of the Board of Management. Each member of the Board of Management leads the area(s) assigned to them at their own responsibility within the scope of the resolutions of the full Board of Management. In addition, the Rules of Procedure set out the matters reserved for the full Board of Management as well as the required voting majorities. The full Board of Management decides in all cases where adoption of a resolution by the full Board of Management is stipulated by law, the Articles of Association or the Rules of Procedure. The Board of Management meets at least once a month.

The Board of Management reports regularly and comprehensively to the Supervisory Board on the strategic orientation, the development of business, the financial position and results of operations, the planning and goal accomplishment as well as the existing opportunities and risks.

Certain decisions of the Board of Management that are of special importance require the approval of the Supervisory Board. Some of these reservations of approval are prescribed by law, others are governed by the Rules of Procedure of the Board of Management.