During the past financial year, the Supervisory Board was ...
During the past financial year, the Supervisory Board was regularly informed of the business development and the situation of the Group and the company by the Management Board. It also supervised the Management Board‘s conduct of business. In the Supervisory Board meetings held in 2007, the Management Board presented detailed quarterly reports and provided additional oral and written reports to the Supervisory Board. The Supervisory Board was given timely and comprehensive information about those measures requiring its approval.
Focus of the meetings
The meetings focussed on the Group’s earnings situation and its further strategic development. The Supervisory Board had five meetings in 2007. In the meeting on 22 March, the Supervisory Board mainly discussed the companies’ 2006 results and the progress of expansion measures in Romania. The Supervisory Board also decided to expand the business operations of CALL DIRECT Versicherung AG. The meeting of the Supervisory Board on 25 April focussed on a discussion of the annual financial statements and the Group’s consolidated financial statements as at 31 December 2006, as well as the report of the Management Board about the development of the Group in the 1st quarter of 2007. Changes were made to the Supervisory Board at the Annual General Meeting, calling for a reorganisation of the Supervisory Board which took place on 21 May. At the meeting on 18 September, the Supervisory Board mainly discussed the development of the company in the first half of 2007. Aside from reporting on the results of the Group in the first three quarters of 2007, and the approval of additional expansion measures in Albania and the Ukraine, the Supervisory Board discussed the business plan for 2008 at its meeting on 28 November.
To facilitate the work of the Supervisory Board and to improve its efficiency, additional committees were set up in addition to the mandatory Audit Committee. The Working Committee mainly talked about the development of the Group‘s earnings and the company‘s long-term strategy, and made various decisions. They had five meetings in 2007, and made three decisions by circulating them in writing. The Committee for Board Affairs met twice to deal with the legal employment formalities of the members of the Management Board. The Investment Committee had four meetings about the capital investment strategy and questions of the capital structure. In its meeting, the Audit Committee concentrated on all audit documents and the Management Board‘s proposed appropriation of profit, and reported to the Supervisory Board. The various chairmen of the committees informed the members of the Supervisory Board about the meetings and their committee‘s work.
Financial statements and consolidated financial statements
The financial statements prepared by the Management Board and the management report of UNIQA Versicherungen AG, as well as the consolidated financial statements prepared according to the International Financial Reporting Standards (IFRS) and the Group management report for the year 2007, were audited by KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft and given an unqualified audit opinion. The Supervisory Board noted the results of the audit with approval.
The Supervisory Board consented to the consolidated financial statements and the financial statements of UNIQA Versicherungen AG, and agreed to the Group management report and the management report. The 2007 financial statements were thereby adopted in accordance with Section 125 of the Stock Corporation Law.
The proposed appropriation of profit submitted by the Management Board to the Supervisory Board was examined and approved by the Supervisory Board. On this basis, a dividend distribution of 50 cents per share will be proposed at the Annual General Meeting on 19 May 2008.
The Supervisory Board thanks the Management Board and all staff members for their commitment and the work they have done.
Vienna, April 2008
On behalf of the Supervisory Board
Christian Konrad
Group Financial Statements
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