Report by the
REWE-Zentralfinanz EG, Cologne
In the 2019 business year, the Supervisory Board was kept informed about all significant issues involving the cooperative during nine meetings held with the members of the Management Board. When necessary, the Supervisory Board obtained written and oral reports from the Management Board. The development of the cooperative was discussed on the basis of short-term income statements. The Chairman of the Supervisory Board was continuously informed by the Management Board about significant developments and pending decisions. In fulfilment of its duties as required by law and the articles of association, the Supervisory Board took the necessary decisions, as documented in separate minutes. As a result of its monitoring activities and the information and documentation provided by the Management Board, the Supervisory Board is confident of the propriety of management. Furthermore, four meetings of the Audit Committee and three meetings of the Human Resources Committee were held in the 2019 reporting year.
The Audit Committee and the Supervisory Board reviewed the Annual Financial Statements and Management Report of the company as well as the Combined Financial Statements and Combined Management Report following their submission by the Management Board. The Annual Financial Statements and the Management Report accurately reflected the economic state of the cooperative and provided no grounds for objection. The Supervisory Board also approved the proposal for appropriation of the year’s profit.
For the purpose of determining the financial situation and propriety of management, the facilities, the financial position, the management, the Annual Financial Statements and the Combined Financial Statements, including the accounts and Management Reports of the cooperative, were audited pursuant to paragraph 53 of the German Cooperative Societies Act (GenG) by the auditing firm engaged by the German Cooperative and Raiffeisen Confederation (DGRV). The Annual Financial Statements, Management Report and Combined Financial Statements received an unqualified audit opinion.
Pursuant to paragraph 58 of GenG, the Supervisory Board discussed the results of the legal audit in a joint meeting with the Management Board and the auditor. The Supervisory Board agrees with the results of the legal audit.
The Supervisory Board wishes to express its gratitude to the members of the Management Board and to all employees of REWE-ZENTRALFINANZ eG for their work during the 2019 business year.
Cologne, 19 May 2020
THE SUPERVISORY BOARD
signed Erich Stockhausen