BMW 2015 Annual Report Download - page 179

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179 STATEMENT ON CORPORATE GOVERNANCE
Principal duties, Members
basis for activities
Presiding Board
– preparation of Supervisory Board meetings to the extent that the subject matter to be discussed
does not fall within the remit of a committee
– activities based on terms of reference
Norbert Reithofer1 (since 13. 05. 2015)
Joachim Milberg1 (until 13. 05. 2015)
Manfred Schoch
Stefan Quandt
Stefan Schmid
Karl-Ludwig Kley
Personnel Committee
– preparation of decisions relating to the appointment and revocation of appointment of mem-
bers of the Board of Management, the compen sation and the regular review of the Board of
Management’s compensation system
– conclusion, amendment and revocation of employment contracts (in conjunction with the
resolutions taken by the Supervisory Board regarding the compensation of the Board of
Management) and other contracts with members of the Board of Management
– decisions relating to the approval of ancillary activities of Board of Manage ment members,
including acceptance of non-BMW Group supervisory mandates as well as the approval of trans-
actions requiring Supervisory Board approval by dint of law (e. g. loans to Board of Management
or Supervisory Board members)
–
set up in accordance with the recommendation contained in the German Corporate Governance
Code, activities based on terms of reference
Norbert Reithofer1 (since 13. 05. 2015)
Joachim Milberg1 (until 13. 05. 2015)
Manfred Schoch
Stefan Quandt
Stefan Schmid
Karl-Ludwig Kley
Audit Committee
– supervision of the financial reporting process, the effectiveness of the internal control system,
the risk management system, internal audit arrangements and compliance as well as the
performance of Supervisory Board duties in connection with audits pursuant to § 20 of the
German Securities Trading Act (WpHG)
– supervision of external audit, in particular auditor independence and additional work performed
by external auditor
– preparation of proposals for election of external auditor at Annual General Meeting, engagement
of external auditor and compliance of audit engagement, determination of areas of audit emphasis
and fee agreements with external auditor
– preparation of Supervisory Board’s resolution on Company and Group Financial Statements
– discussion of interim reports with Board of Management prior to publication
– decision on approval for utilisation of Authorised Capital 2014
– amendments to Articles of Incorporation only affecting wording
– establishment in accordance with the recommendation contained in the German Corporate
Governance Code, activities based on terms of reference
Karl-Ludwig Kley1, 2
Norbert Reithofer (since 13. 05. 2015)
Joachim Milberg (until 13. 05. 2015)
Manfred Schoch
Stefan Quandt
Stefan Schmid
Nomination Committee
– identification of suitable candidates (male / female) as shareholder representatives on the
Supervisory Board to be put forward for inclusion in the Super visory Board’s proposals for
election at the Annual General Meeting
– establishment in accordance with the recommendation contained in the German Corporate
Governance Code, activities based on terms of reference
Norbert Reithofer1 (since 13. 05. 2015)
Joachim Milberg1 (until 13. 05. 2015)
Susanne Klatten
Karl-Ludwig Kley
Stefan Quandt
(In line with the recommendations of the German
Corporate Governance Code, the Nomination
Committee comprises only shareholder repre-
sentatives.)
Mediation Committee
– proposal to Supervisory Board if resolution for appointment of Board of Management member
has not been carried by the necessary two-thirds majority of Supervisory Board members’ votes
– committee required by law
Norbert Reithofer (since 13. 05. 2015)
Joachim Milberg (until 13. 05. 2015)
Manfred Schoch
Stefan Quandt
Stefan Schmid
(In accordance with statutory require ments, the
Mediation Committee comprises the Chairman
and Deputy Chairman of the Supervisory Board
and one member each selected by shareholder
representatives and employee representatives.)
1 Chair.
2 Independent financial expert within the meaning of § 100 (5) AktG and § 107 (4) AktG.
Overview of Supervisory Board committees and their composition