Focuses of the Supervisory Board
Type and decision-making power of the committees of the Supervisory Board
Committee for Management Board Issues
This committee decides on issues concerning the Management Board in accordance with statutory provisions and also fulfills the appointment and compensation committees’ functions. The quality of the committee’s work is guaranteed by its long time experience and know-how in compensation policy.
Audit Committee
The decision-making power derives from statutory provisions. The quality of the committee’s work is guaranteed by its long time experience and know-how in finance and accounting as well as reporting.
Focuses of the Supervisory Board
The Supervisory Board held six meetings in the fiscal year 2010, with the participation of the Management Board, and fulfilled its tasks and obligations in accordance with the law and the articles of association. In addition to the discussion on the current business development, the Supervisory Board above all addressed the implementation of the strategy within the individual segments, acquisition projects, planned investments and financing activities. The efficiency of the activities of the Supervisory Board was ensured by its organization and regular exchange of information.
Focuses of the committees of the Supervisory Board
The Committee for Management Board issues met three times in 2010. Matters concerning the Management Board were addressed and Supervisory Board meetings were prepared. The committee was responsible for the implementation of the regulations applicable to the compensation of the members of the Management Board as well as for the review of the underlying compensation policy.
In 2010, the Audit Committee held two meetings and fulfilled its statutory duties.
Independence of the members of the Supervisory Board
The guidelines of the Austrian Corporate Governance Code formed the basis for the determination of the independence criteria for the members of the Supervisory Board. The criteria are published on the Company’s website at http://www.mayr-melnhof.com/en/about-mm/governance/independence-supervisory-board.html.
All members of the Supervisory Board declared their independence in accordance with these criteria. Consequently this also applies to any committees of the Supervisory Board.