The Supervisory Board and its committees
Munich Re's Supervisory Board has set up five committees: the Standing Committee, the Personnel Committee, the Audit Committee, the Conference Committee, and the Nomination Committee.
Standing Committee
The Standing Committee prepares Supervisory Board meetings and decides on matters of Company business requiring the Supervisory Board's approval insofar as the full Supervisory Board or another committee is not responsible. It makes amendments to the Articles of Association that only affect the wording, and decides on the attendance of guests at Supervisory Board meetings. In addition, it prepares the Supervisory Board’s annual declaration of conformity with the German Corporate Governance Code in accordance with Section 161 of the German Stock Companies Act. Every year, it reviews the efficiency of the Supervisory Board's work and submits appropriate proposals to the full Supervisory Board where necessary. Subject to the rules concerning matters for which the Personnel Committee is responsible, it also approves certain legal transactions of the Company with members of the Board of Management and Supervisory Board.
Members of the Standing Committee are Dr. Hans-Jürgen Schinzler (Chairman), Herbert Bach, Dr. Bernd Pischetsrieder, Dr. Albrecht Schmidt and Josef Süßl.
Personnel Committee
The Personnel Committee undertakes the preparatory work in connection with the appointment of members of the Board of Management and, together with the Board of Management, concerns itself with long-term succession planning. The Personnel Committee also represents the Company vis-à-vis the members of the Board of Management and is responsible for all personnel matters involving the Board members as well as for approving certain legal transactions between the Company or affiliated companies and members of the Board of Management or parties related to them. In this connection, it decides on secondary occupations that members of the Board of Management may pursue and seats they hold on the boards of other companies.
Members of the Personnel Committee are Dr. Hans-Jürgen Schinzler (Chairman), Herbert Bach and Dr. Bernd Pischetsrieder.
Audit Committee
The Audit Committee prepares Supervisory Board resolutions on the adoption of the annual Company financial statements and approval of the Group financial statements, and discusses the quarterly reports. The committee also examines the Company's risk management and compliance management. Furthermore, it initiates the decision on the appointment of the external auditor and monitors the latter's independence. It appoints the external auditor, determines focal points of the audits and agrees on the auditor's fee for the annual audit and for the review of the half-year financial report. It takes delivery of the audit reports, other reports and the auditor’s statements on all significant findings.
Members of the Audit Committee are Dr. Albrecht Schmidt (Chairman), Hans-Georg Appel, Prof. Dr. Henning Kagermann, Dr. Hans-Jürgen Schinzler and Wolfgang Stögbauer.
Conference Committee
The Conference Committee, which is prescribed by the German Co-Determination Act, makes personnel proposals to the Supervisory Board if the requisite two-thirds majority is not achieved in the first vote when it comes to appointing or dismissing members of the Board of Management.
Members of the Conference Committee are Dr. Hans-Jürgen Schinzler (Chairman), Herbert Bach, Dr. Bernd Pischetsrieder and Judy Võ.
Nomination Committee
In accordance with a recommendation of the German Corporate Governance Code, Munich Re’s Supervisory Board has set up a nomination committee. Comprising solely representatives of the shareholders, the Nomination Committee suggests suitable candidates to the Supervisory Board for the latter’s election proposals to the Annual General Meeting.
Members of the Nomination Committee, with effect from 1 January 2008, are Dr. Hans-Jürgen Schinzler (Chairman), Dr. Bernd Pischetsrieder and Dr. Albrecht Schmidt.