BMW 2002 Annual Report Download - page 7

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001 BMW Group in figures
004 Report of the Supervisory Board
008 Supervisory Board
011 Board of Management
012 Group Management Report
031 BMW Stock
034 Corporate Governance
042 Group Financial Statements
106 BMW AG Financial Statements
112 BMW Group Annual Comparison
114 BMW Group Locations
116 Glossary
120 Index
6
On 3 December 2002, the Supervisory Board and the Board of Management issued
a compliance declaration pursuant to §161 of the German Stock Corporation
Act
(AktG). The mandatory requirements of the German Corporate Governance
Code are fulfilled; solely in the case of the purchase or sale of shares in BMW AG
or derivative instruments relating to BMW AG by the members of the Manage-
ment
and Supervisory Boards are details published only in accordance with §15a
of the German Securities Trading Act (WpHG), but not additionally in the notes
to the Group financial statements. At the same time, the Board of Management
and the Supervisory Boards of BMW AG approved the Corporate Governance
Code of the BMW Group, based closely on the German Corporate Governance
Code, and bringing together the principles of good corporate governance being
practiced by the
BMW
Group. These principles are included in the Annual
Report
2002.
The financial statements of Bayerische Motoren Werke Aktiengesellschaft
and the Group financial statements for the year ended 31 December 2002 and
the combined Company and Group Management Report were audited by KPMG
Deutsche Treuhand-Gesellschaft Aktiengesellschaft Wirtschaftsprüfungsgesell-
schaft,
Munich, and issued with an unqualified audit opinion. The Audit Com-
mittee
reviewed the financial statements on 28 February 2003. The Supervisory
Board also examined the documents submitted by the Board of Management
and discussed them with the Board of Management. The audit reports of KPMG
were made available to all members of the Supervisory Board. The independent
auditors attended the meetings of the Audit Committee and of the Supervisory
Board held on 13 March 2003 at which the financial statements were examined
and reported on the main results of their audit. The Supervisory Board agrees
with the result of the audit. The Supervisory Board approves the Company and
Group financial statements of Bayerische Motoren Werke Aktiengesellschaft for
the financial year 2002 prepared by the Board of Management. The Company
financial statements are therefore adopted.
The Board of Managements proposal to use the unappropriated profit avail-
able for distribution was reviewed by the Supervisory Board. The Supervisory
Board agrees with the proposal submitted by the Board of Management. After
the final result of the review made by the Supervisory Board, no objections
were
made. The Supervisory Board thanked the Board of Management and all
em-
ployees for another outstandingly successful year 2002.