Supervisory Board

The Supervisory Board supervises the policy of the Executive Team and the general business progress of the Company and its associated companies and advises the Executive Team. The Supervisory Board discusses with the Executive Team the strategy and main risks related to the Company’s operations as well as the organisation and functioning of and any significant changes to the risk management and control systems. The Supervisory Board also has the authority to appoint the Chief Executive Officer and the Executive Team members, the determination of the number of members of the Executive Team and the approval of a number of other decisions of the Executive Team as specified in legislation. The Supervisory Board also has the authority to approve certain decisions of the Executive Team as stipulated in the Articles of Association. In the performance of its duties the members of the Supervisory Board are led by the interests of the Company and its affiliated enterprise and takes into account the interests of all the Company’s stakeholders and all the aspects of social responsibility relevant to the Company.


The General Meeting of Shareholders fixes the remuneration of the Supervisory Board members each year on the recommendation of the Supervisory Board and is accountable to the Members' Council for its decisions. The remuneration is not dependent on the Company’s results.

The Supervisory Board has a Compensation & Benefits Committee and an Audit Committee. The task of these Committees is to prepare the decision making of the Supervisory Board; they have no independent decision-making authority. The Regulations of the Committees are published on the Company’s website. Both Committees report regularly to the Supervisory Board regarding their deliberations and findings.