Please activate JavaScript!
Please install Adobe Flash Player, click here for download

DES GB2015 Englisch - Supervisory Board

DEAR SHAREHOLDERS, Report of the supervisory board During financial year 2015, the Supervisory Board performed the duties incumbent on it according to the law and the Articles of Association and closely oversaw the performance of Deutsche EuroShop AG. The strategic orientation of the Company was coordinated with the Supervisory Board, and the status of the strategy implementation was discussed at regular intervals. The Supervisory Board monitored and advised the Executive Board on its management of the business, and the Executive Board informed us regularly, promptly and in detail of business developments. Focus of advisory activities We conducted detailed examinations of the Company’s net assets, financial position, results of operations, and risk management at our regular meetings. In this context, we also checked that the formal con- ditions for implementing an efficient system of monitoring our Compa- ny were met and that the means of supervision at our disposal were effective. We were informed on an ongoing basis of all significant factors affecting the business. We considered the development of the portfolio properties, spe- cifically their sales and frequency trends, the accounts receivable and occupancy rates, and the Company’s liquidity position. We discussed our succession ideas with respect to the expiration of Mr Zaß’s man- date in 2015 and successfully transitioned the chairmanship of the Supervisory Board to the new generation with the shareholders’ elec- tion of Mr Roland Werner as a new member of the Supervisory Board at the 2015 Annual General Meeting. At meetings held over the course of the year, in-depth discussions took place repeatedly regarding both the Company’s strategy as well as the question of how the Company should operate in an environment of continuing low interest rates and ongoing, extremely high demand for retail property. Regular discus- sions were conducted with the Executive Board regarding trends on the capital, credit, real estate and retail markets and the effects of these on the Company’s strategy. The Executive Board and Supervisory Board examined various investment options.We received regular reports de- tailing the turnover trends and payment patterns of our tenants and banks’ lending policies. The Chairman of the Supervisory Board and the Executive Com- mittee of the Supervisory Board also discussed other topical issues with the Executive Board as required. Transactions requiring the ap- proval of the Supervisory Board were discussed and resolved upon at the scheduled meetings. Where required, circular resolutions were passed in writing by the Supervisory Board for transactions of the Executive Board requiring approval. All resolutions in the reporting period were passed unanimously. Mr Manfred Zaß, who had served on the Board for some 13 years, end- ed both his membership and chair- manship of the Supervisory Board of our company at the Annual Gener- al Meeting on 18 June 2015. Mr Zaß had closely overseen and support- ed the development of Deutsche EuroShop AG. The Supervisory Board thanked Mr Zaß for his many years of commitment, evidenced by his ex- tended period as Chairman of the Board, and wished him all the best for the future. 12 Deutsche EuroShop AG Annual Report 2015 REPORT OF THE SUPERVISORY BOARD

Pages Overview