Cooperation between the Board of Managing Directors and the Supervisory Board

The Supervisory Board worked in close partnership with the Board of Managing Directors of comdirect bank in financial year 2014, providing regular advice and monitoring the management of the company. We have comprehensively performed all of the duties incumbent upon the Supervisory Board under the legal framework conditions and regulations, the bank’s Articles of Association, the Rules of Procedure of the Supervisory Board and the German Corporate Governance Code (GCGC).

Furthermore, the Chairman of the Supervisory Board was given detailed information on all events that were of significant importance for the assessment of the situation and development as well as for the management of the company, including in regular meetings with the members of the Board of Managing Directors. In direct discussions with the heads of Audit and Compliance & Money Laundering Prevention, the Chairman of the Supervisory Board verified the effectiveness of the internal control system. He maintained frequent contact with the CEO and in particular, conferred with him with respect to the strategy, business development, medium-term planning and risk management of comdirect bank. In addition, the Chairman arranged for important matters to be addressed by the Supervisory Board committees.