Ladies and Gentlemen,
During fiscal year 2008, the Supervisory Board dealt regularly and in detail with the situation and the development of the Volkswagen Group. In compliance with legal requirements and the German Corporate Governance Code, we provided advice and support to the Board of Management in questions relating to the running of the Company. The Supervisory Board was consulted directly with regard to all decisions of fundamental significance to Volkswagen. In addition, current strategic considerations were discussed with the Board of Management at regular intervals.
The Board of Management provided us with regular, complete and prompt verbal and written reports on all key issues for the Company relating to planning, the development of business, the position of the Group including the risk situation and risk management, current matters and compliance. Documents relevant to our decisions were always made available to us in good time prior to each Supervisory Board meeting. Furthermore, the Board of Management provided the Supervisory Board with detailed monthly reports on the current business position and a forecast for the year as a whole. The Board of Management explained any variations from the defined plans and targets in a comprehensive verbal or written account. We held detailed discussions with the Board of Management about the reasons for these variations to allow appropriate measures to be initiated.
The Supervisory Board held five ordinary meetings in 2008. There were no extraordinary meetings. Average attendance by Supervisory Board members was 99%. All members attended more than half of the meetings. In addition, resolutions regarding urgent business transactions were also adopted in writing by means of a circulated document.