During the year under review, the Supervisory Board performed the duties incumbent upon it in accordance with the law and the Articles of Association and continually advised and monitored the Executive Board. The Supervisory Board was regularly kept informed about business developments and the situation of the Company. It supervised the management of the Company by the Executive Board in particular on the basis of written and verbal reports. The reports of the Executive Board fulfilled the requirements set by the Supervisory Board in terms of both their subject matter and their scope. As well as the reports, the Supervisory Board also received additional information from the Executive Board. The Executive Board was available in the meetings to explain and to answer the questions asked by the Supervisory Board. Business transactions requiring Supervisory Board approval were examined and discussed with the Executive Board. The Supervisory Board granted its approval to the acquisition and disposal of shareholdings, the takeover of parts of companies, the submission of offers for major projects and capital measures.
In face-to-face discussions outside the Supervisory Board meetings and its committees, the Chairman of the Supervisory Board and the Chairman of the Executive Board examined the situation of the company and its further development.
Supervisory Board meetings
In the 2006 financial year, there were four regular meetings and two extraordinary meetings of the Presiding Committee of the Supervisory Board.
In addition to the regular business and the major projects, the main issues the Presiding Committee of the Supervisory Board discussed with the Executive Board were economic developments, corporate strategy and the position of Bilfinger Berger compared with its competitors. The Presiding Committee of the Supervisory Board was also intensively involved in the acquisitions of the Ahr Group, Essener Hochdruck- Rohrleitungsbau and Salamis Group and approved these acquisitions. All major aspects were examined, such as the results of the due diligence, the earnings situation, business plan, quality of management, effects on the consolidated financial statements and integration concept. The Supervisory Board received regular reports on the actual development of new subsidiaries compared with the assumptions made at the time of acquisition.
In the two extraordinary meetings, the acquisitions of Essener Hochdruck-Rohrleitungsbau and Salamis Group were discussed.