In fiscal year 2001/02, the Supervisory Board performed the duties incumbent upon it by law and by corporate charter and supervised the Executive Board.

The Executive Board informed us about important corporate events as well as on the status and development of the enterprise in six scheduled sessions. Significant business events and questions on corporate developments were thoroughly discussed. In addition, we received information on important happenings and decisions through quarterly financial reports as well as through oral and written briefings between sessions.

The main topics of Supervisory Board sessions were incorporation or acquisition of participations by MVV Energie AG, current developments in various business divisions and in key participations. Prominent acquisitions included participations in Stadtwerke Ingolstadt Beteiligungen GmbH as well as in the district-heating utilities of the city of Brno in the Czech Republic and in Szczecin in Poland. An additional focus of our discussions was formed by various biomass projects within the framework of our planned rapid expansion of renewable energy as well as targeted entry into the markets in additional European countries. We have evaluated the approach of MVV Energie AG, which has been based on well-founded market studies, as “on target” and have thus approved the projected investments. Moreover, we have thoroughly examined the economic plan for fiscal year 2002/03 as well as the medium-term and strategic planning for the MVV Energie Group. Utilisation of value-based corporate management as a controlling instrument has been expressly welcomed by this Board.

We were regularly informed about developments in key financial indicators and have also fulfilled our duties with respect to risk management. We were also provided detailed information on measures that required the approval of the Supervisory Board in timely fashion so that we were able to debate our decisions properly and to weigh them carefully.

We have welcomed passage of the Corporate Governance Code. Many of the guidelines that have been stipulated in this code, which is intended to ensure responsible supervision and management of enterprises, have long since been an integral part of MVV Energie AG’s corporate policy. The declaration of compliance of MVV Energie AG can be found in the part Corporate Governance of this report.