Two Supervisory Board 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 9 March 2011, with the auditors in attendance, we discussed and approved the annual and consolidated financial statements for 2010. At that meeting we accepted Hermann Ude’s resignation from the Board of Management and approved the conditions of his severance agreement. The Supervisory Board appointed Roger Crook to succeed him as a member of the Board of Management for three years until March 2014 and agreed on the terms of his contract of employment. Ken Allen was appointed as a member of the Board of Management for a further five years until March 2017. In addition, we dealt with aspects of Board of Management remuneration, decided on the disposal of the US subsidiary Exel Transportation Services (ETS) and discussed the results of the efficiency review of the work of the Supervisory Board.
At the Supervisory Board meeting of 30 June 2011, we examined, amongst other matters, aspects of the Board of Management’s remuneration, in particular its appropriateness. In addition, we discussed how the company could support Supervisory Board members by providing them with basic and further training measures.
At the meeting of 7 September 2011, we agreed to extend Lawrence Rosen’s mandate and contract for a further five years until August 2017. Prior to the meeting, the company organised a Directors’ Day to provide Supervisory Board members with basic and further training. Selected speakers talked about current topics and developments, including accounting and corporate governance. Following the meeting, the Supervisory Board held a one-and-a-half-day closed meeting to discuss in detail the implementation of Strategy 2015 within the Group and the divisions. In order to provide an outside perspective to supplement the views of the Group, the Supervisory Board invited a number of high-ranking guest speakers.
At the Supervisory Board’s last meeting of the year on 14 December 2011, we adopted the business plan for 2012. The Supervisory Board extended the Board of Management mandate and employment contract of Chief Executive Officer Dr Frank Appel for another five years until October 2017 and appointed Angela Titzrath as a member of the Board of Management and as Labour Director for three years. Angela Titzrath will succeed Walter Scheurle who, after twelve successful years as the Board Member for Personnel, is retiring at his own request. We discussed again the remuneration of the Board of Management, including the agreement of targets for 2012. We also submitted our Declaration of Conformity with the German Corporate Governance Code.