Main focus of advice and monitoring activities in 2013
The Supervisory Board met at four regularly convened meetings in financial year 2013 on 21 March, before the annual general meeting on 16 May, on 22 August and 21 November 2013.
As in previous years, progress reports on the status of implementation of the “complus” programme, which was completed in 2013, remained a central topic. Here, we obtained extensive information on the further development of the range of products and services offered by comdirect bank AG. The Board of Managing Directors kept us informed with regard to the various projects carried out in 2013, such as the introduction of Personal Financial Manager and launch of the CFD mobile app. Another focus was the future strategic direction of comdirect bank AG. Together with the Board of Managing Directors, a new strategy was agreed which focuses on four key areas:
- Upscaling broad-based growth,
- Expanding advice and guidance formats,
- Differentiated product and service offering,
- Enhancing performance and efficiency in organisational terms.
Furthermore, together with the Board of Managing Directors we discussed the strategic further development of ebase and the B2B business line.
As part of our deliberations, we obtained information on the market and competitive environment and the bank’s development on the basis of the medium-term planning. In addition, we looked at the associated agenda for the following year against the backdrop of the new strategy. Moreover, the Supervisory Board regularly examined the risk status of the bank, with the focus here on discussion of the overall risk strategy in line with the minimum requirements for risk management (MaRisk). Other issues dealt with by the Supervisory Board additionally included the draft agenda for the annual general meeting on 16 May 2013 and the proposals to the annual general meeting.
Furthermore, the comdirect bank’s Board of Managing Directors kept us informed about the performance of key indicators and their impact on the bank’s earnings situation, financial situation and assets. Other subjects discussed by the Supervisory Board were the compensation of the Board of Managing Directors and the change in the Board of Managing Directors. The Supervisory Board also appointed Dr Thorsten Reitmeyer as CEO for a further five years in the financial year 2013.
In addition to the ordinary meetings, the Supervisory Board adopted resolutions based on the recommendations of the Presiding Committee using the written circulation procedure. These related to
- the stipulation of the variable compensation component for the members of the Board of Managing Directors for financial year 2012,
- the stipulation of the target amount for the variable compensation component for the members of the Board of Managing Directors for financial year 2013,
- the approval of the rescission of the appointment and employment of Dr Christian Diekmann as a member of the Board of Managing Directors and
- the approval of the appointment and employment of Holger Hohrein as a member of the Board of Managing Directors.
Based on the recommendation of the Presiding Committee, at its ordinary meeting in November the Supervisory Board specified the criteria for assessing the variable compensation component for the Board of Managing Directors for financial year 2014.