Source: http://annual-report.vig.com/2017/company/corporate-governance-report/supervisory-board/committees.html
Timestamp: 2019-02-17 12:48:01
Document Index: 237121038

Matched Legal Cases: ['§ 92', '§ 123', '§ 4', 'Art. 4', 'Art. 17', 'Art. 16']

Committees - Vienna Insurance Group Group Annual Report 2017
The following qualified Supervisory Board committees were established to increase its efficiency and to address complex matters:
The Audit Committee (Accounts Committee) is responsible for the duties assigned by § 92 (4a) no. 4 of the Austrian Stock Corporation Act (AktG), § 123 (9) of the Austrian Insurance Supervision Act (VAG) and Regulation (EU) No. 537/2014, namely:
To monitor the effectiveness of the Company’s internal control system and, if applicable, the internal audit function and risk management system;
To monitor the audit of the financial statements and the consolidated financial statements, taking into account the findings and conclusions in reports published by the Supervisory Authority for financial statement auditors in accordance with § 4 (2) no. 12 of the Austrian Auditor Supervision Act (APAG);
To audit the annual financial statements and prepare their approval, examine the proposal for appropriation of profits, the management report, the solvency and financial condition report and, if applicable, corporate governance report, and present a report on the audit findings to the Supervisory Board or to the Board of Directors;
If necessary, audit the consolidated financial statements and Group management report, the solvency and financial condition report at Group level and the corporate governance report at consolidated level, and report the results of the audit to the Supervisory Board or to the Board of Directors;
To perform the procedure to elect the financial statement auditor (consolidated financial statement auditor) taking into account the appropriateness of the fees in accordance with Art. 4 of Regulation (EU) No. 537/2014 and the rotation periods in Art. 17 of Regulation (EU) No. 537/2014, and recommend appointment of a financial statement auditor (consolidated financial statement auditor) to the Supervisory Board in accordance with Art. 16 of Regulation (EU) No. 537/2014.
In addition, the Audit Committee (Accounts Committee) will determine in a further meeting (another meeting, in addition to the meeting required by law) how communication between the (consolidated) financial statements auditor and the Audit Committee will take place, leaving the option open for the Audit Committee (Accounts Committee) and the (consolidated) financial statements auditor to meet without an Managing Board Member being present.
The Committee for Managing Board Matters (Compensation Committee) deals with personnel matters of the Managing Board. The Committee for Managing Board Matters therefore decides on employment contract terms with members of the Managing Board and their compensation and examines remuneration policies at regular intervals.
The Supervisory Board adopted a resolution to establish a Nomination Committee during its meeting on 30 May 2017. The Nomination Committee submits proposals to the Supervisory Board to fill positions that become available on the Managing Board and handles issues regarding successor planning.
In 2014, the Supervisory Board gave its consent to VIG Holding and other companies of the Group that allowed them to use the legal services of Georg Riedl, Supervisory Board Member, and engage him or his law firm to act as a representative and provide advisory services on a project-related basis under normal market terms. Georg Riedl is a lawyer who has performed consultancy services for the Group, for which he received fees totalling (nett) EUR 117,610.82 plus cash expenses and 20% VAT (of which EUR 73,174.99 plus cash expenses and 20% VAT were for VIG Holding) in the 2017 reporting year. Supervisory Board Members Gerhard Fabisch and Gabriele Semmelrock-Werzer are members of the managing boards of companies with which distribution agreements were concluded under normal market and industry terms and conditions. The Company did not enter into any other agreements with Supervisory Board Members in 2017 that would have required the approval of the Supervisory Board.
to top previous 33 of 41 next