During the 2003/04 financial year the Supervisory Board monitored the Executive Board and assisted it in an advisory capacity in accordance with the requirements of the law and of the company's articles of incorporation. We were directly involved in all decisions of fundamental significance to the development of the company and were informed of all events of significance. The Supervisory Board met on a total of nine occasions during the period under report. The Audit Committee held three meetings and the Personnel Committee met four times during the year under report.
The Executive Board informed us on a regular basis of the sales and earnings performance of the MVV Energie Group, the course of business in the individual segments and the development of the company's financial position. We were also provided with information about the company's risk situation and its risk management. At our meetings, the Executive Board provided us with an in-depth account of all major business transactions, which were then jointly discussed in detail. In addition to the presentations and documentation pertaining to the meeting, we were also provided with quarterly reports and further oral and written reports concerning events of significance and the decisions thereby required. We were informed by the Executive Board on time and in detail of all measures requiring the consent of the Supervisory Board. Our decisions were preceded by extensive discussions and careful consideration.
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