Report by the
REWE-Zentralfinanz EG, Cologne
In the 2020 business year, the Supervisory Board fulfilled its duties as required by law, the articles of association and internal rules, and regularly advised the Management Board in its leadership of the cooperative and combine whilst carefully and constantly monitoring its activities.
The Management Board regularly and comprehensively informed the Supervisory Board during and between Supervisory Board meetings and through written and oral reports about business policy; all relevant aspects of corporate planning including financial, investment and disinvestment planning; the development of business; the economic situation of the cooperative and the combine; and the financial situation as well as about important decisions and business transactions that affect the combine.
The Supervisory Board was directly involved in all decisions of major importance to the company. The Supervisory Board approved transactions requiring its consent after extensive consultation and review of the documents provided by the Management Board.
In the 2020 business year, the Supervisory Board was informed about all significant issues involving the cooperative during nine meetings and two telephone conferences held with the members of the Management Board. The focus of these meetings was frequently the impact of the corona pandemic and its management. In particular, the Supervisory Board concentrated on securing financing, integrating the Lekkerland Group and stabilising the Travel and Tourism division. When necessary, the Supervisory Board obtained written and oral reports from the Management Board. 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 special 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, three meetings of the Audit Committee and one meeting of the Human Resources Committee were held in the 2020 reporting year. The Audit Committee focused on risk management and the compliance system. It was also informed about the work of Internal Auditing including the audit planning for business year 2021.
For the purpose of determining the financial situation and the propriety of management, the facilities, the financial position and the management were audited pursuant to paragraph 53(1) of the German Cooperative Societies Act (GenG) by the German Cooperative and Raiffeisen Confederation (DGRV), Berlin. The annual financial statements including the accounting and the management report of the cooperative were audited pursuant to paragraph 55(3) of the GenG by the DGRV and KPMG AG Wirtschaftsprüfungsgesellschaft (KPMG), Berlin, in a joint audit. The Consolidated Financial Statements and the Group Management Report were audited by KPMG, which was hired by the DGRV pursuant to paragraph 55(3) of the GenG. The annual financial statements and the management report as well as the Consolidated Financial Statements and the Group Management Report received an Independent Auditor's Report without any restrictions.
Pursuant to paragraph 58 of the GenG, the Audit Committee and the Supervisory Board discussed the results of the legal audit in a joint meeting with the Management Board and the auditors DGRV and KPMG. The auditors reported on the key findings of their audit and remained available to answer questions and provide further information. The annual financial statements and the management report as well as the Consolidated Financial Statements and the Group Management Report accurately reflected the economic state of the cooperative and provided no grounds for objection. The Supervisory Board agrees with the results of the legal audit. The Supervisory Board also approved the proposal for appropriation of the year’s profit.
Ms Angelika Winter left her position on the Supervisory Board on 30 June 2020 for reasons of age. She was succeeded by Ms Claudia Kottke-Kynast. Mr Roland Gerstenberg also left his position on the Supervisory Board on 30 June 2020 for reasons of age. He was succeeded by Ms Nicole van Uffelt.
The Supervisory Board expressed its deep gratitude to the members of the Management Board and to all employees of REWE-ZENTRALFINANZ eG for their work in business year 2020, particularly in light of the tremendous challenges that the company faced as a result of the corona pandemic and that the company had to overcome together in an exhausting effort.
Cologne, 19 May 2021
THE SUPERVISORY BOARD
signed: Erich Stockhausen