As a result, costs arising from the express business in the US will decrease by more than 80%, whilst competitive standing will improve substantially given that 71% of all international deliveries from US metropolitan areas will be able to be processed more quickly. We also accepted Dr Wolfgang Klein’s resignation from the Board of Management and approved the related adaptation of the bylaws.

In the last meeting of the Supervisory Board on 16 December 2008, we approved the business plan for 2009 and agreed to focus on an updated plan in February 2009. We also took note of the plan for 2010 and 2011. At the same meeting Dr Jürgen Weber announced his resignation, effective 31 December 2008. Prof. Dr Wulf von Schimmelmann was elected unanimously as Dr Weber’s successor. Furthermore, we submitted the Declaration of Compliance with the 2008 German Corporate Governance Code and passed a resolution giving global authorisation for the award of loans by Postbank.

Meticulous work by the committees

The Executive Committee met nine times during the year under review. Agenda items focused on Board of Management and Supervisory Board business as well as the further development of the company’s corporate governance.

The Personnel Committee met twice and concentrated primarily on the First Choice and GoGreen programmes and the Group’s involvement in educational initiatives.

The Finance and Audit Committee met ten times, with meetings chaired by Prof. Dr Ralf Krüger. The committee discussed the acquisition and disposal of companies, which was subsequently also addressed in the plenary sessions of the Supervisory Board, as well as the Group’s business plan for the period from 2009 to 2011. It also examined the annual and consolidated financial statements, discussed the interim reports and dealt with the review of the interim financial reports for the first half of the year. The auditors attended the committee’s financial statements meeting. Accounting and risk monitoring, as well as co-operation with the auditors, were also discussed in detail. Additionally, a number of real estate transactions were approved. Furthermore, individual Board of Management members gave presentations on the business performance of their respective divisions for discussion by the committee. Key topics included the US express business, the mail business in Germany and the transaction involving Postbank. The committee also deliberated on the organisation of compliance activities and the compliance tools applied in the Group.

The Nomination Committee met three times during the year under review. At its meetings, the committee resolved to recommend Prof. Dr Wulf von Schimmelmann as a suitable candidate for the Supervisory Board’s nomination to the 2008 AGM.

It was not necessary for the Mediation Committee, which must be formed pursuant to Section 27 (3) of the Mitbestimmungsgesetz, to meet in the year under review. 

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