Cooperation Between the Management Board and the Supervisory Board
The Management Board develops the strategy of the company in cooperation with the Supervisory Board and discusses the current status of its implementation with the Supervisory Board at regular intervals. Furthermore, the Management Board regularly informs the Supervisory Board in written or verbal reports of topics including the development of business and the situation of the company. In this way, the Supervisory Board receives detailed documents from the Management Board regularly and without delay on the economic development and the company’s current situation as well as the half-yearly risk management and compliance reports, that deal with the most important risks for the business of Vonovia SE, as well as compliance management. On the basis of these reports, the Supervisory Board monitors the company’s management by the Management Board, as well as via its committees where particular powers are delegated to these committees. The Supervisory Board meets on a regular basis without the Management Board if personnel matters relating to the Management Board are to be discussed.
Avoidance of Conflicts of Interest
During the fiscal year, the only conflicts of interest of Management Board or Supervisory Board members, which are to be reported immediately to the Supervisory Board, related to the Supervisory Board’s decision to make a takeover offer to the shareholders of BUWOG AG; Vienna/Austria. A member of the company’s Supervisory Board, who is also a shareholder in BUWOG AG, did not take part in the consultation or decision-making processes that took place on December 1, 15 and 17, 2017. There was no need to discuss or make decisions on legal matters, in particular lending transactions with members of executive bodies or individuals related to them.