Two meetings were held in the first half and two in the second half of the year. All members participated in at least two meetings.
At the financial statements meeting on 8 March 2010, with the auditors in attendance, we discussed and approved the annual and consolidated financial statements for 2009. We also renewed the seats on the Board of Management of Bruce Edwards and Hermann Ude for a further five years to March 2016 and discussed issues relating to the remuneration of the Board of Management. In addition, we discussed the Group’s finance strategy, particularly with reference to significant financial control parameters, its credit rating and the use of liquidity. We also reviewed the results of the efficiency review of the work of the Supervisory Board.
At the Supervisory Board meeting held on 15 June 2010, the Board of Management informed us that the sale of the day-definite express business in France was shortly due to be concluded. Following the meeting, we held a one-and-a-half-day closed meeting during which we discussed the Group’s Strategy 2015 in detail, as well as the strategies of the divisions. The introduction of the E-Postbrief product formed the focus for the MAIL division. On the subject of the DHL divisions, we discussed the programmes aimed at achieving greater efficiency and growth. We discussed the results of the annual employee opinion survey and the implementation of Strategy 2015 in our finance area. We also addressed the way in which the Group is perceived externally and invited representatives from an investment bank and a management consulting company as renowned guest speakers for this purpose.
In the meeting held on 16 September 2010, we discussed the remuneration of the Board of Management, including retirement pensions. As a result, we extended the Long-Term Incentive Plan by three years, essentially preserving the current structure. In addition, the repurchase of shares in the cargo airline Astar Air Cargo and the outsourcing of the airline operations to a new company outside the Group were approved. The restructuring of the US express business in 2009 and the associated decline in volume made an adjustment of the agreement with the cargo airline Astar necessary on cost grounds.
At the Supervisory Board’s last meeting of the year on 10 December 2010, we adopted the business plan for 2011. We also discussed again the remuneration of the Board of Management, including agreement of targets for 2011 and retirement pensions. Furthermore, we discussed the amendments to the German Corporate Governance Code. We set targets for the composition of the Supervisory Board and resolved to continue to comply with all recommendations of the Government Commission on the German Corporate Governance Code. We also submitted our Declaration of Conformity with the 2010 German Corporate Governance Code.