Jan 01 Fe b Mar Apr Q2 May Jun Jul Q3 Au g S ep Oct Q4 N ov Dec The w ork of the Boar d of Director s The activities of the Boar d of Director s and the division of responsibilit y bet w een the Boar d and Group M ana g ement are g o v erned b y formal pro cedures documented in a writ ten ins truction which is adopted b y the Boar d each y ear after the Annual G ener al M eetin g Accor din g to these procedures the Boar d should determine amon g other thin g s the Group s o v er all s tr ate gy corpor ate acquisitions and propert y in v es tments abo v e a cert ain le v el and es t ablish a fr amew ork for the Group s oper ations throug h the Group s bud g et The procedures include a w ork ins truction for the President and CEO as w ell as ins tructions for fnancial reportin g The procedures also prescribe that an annual e v aluation of the w ork of the Boar d of Director s should be carried out The Boar d held ten meetin g s in 2012 of which t w o took place b y tele phone and t w o w ere held per capsulam The auditor s participated in the Boar d meetin g in F ebruar y 2012 where the y presented the audit The w ork of the Audit Commit tee The Boar d of Director s has es t ablished and appointed an Audit Commit tee which oper ates under the ins tructions for the Audit Commit tee and meets with Securit as auditor s at leas t four times per y ear The Commit tee sup ports the Boar d s qualit y control w ork in terms of fnancial reports and its internal control o v er fnancial reportin g Specifcally the Commit tee monitor s the fnancial reportin g the efec tiv eness of internal control internal audit activities and the risk mana g e ment sys tem The Commit tee also s t a ys informed about annual s t atutor y audits It assesses the e xternal auditor s independence and appro v es the per formance of nonaudit ser vices The Commit tee presents its fndin g s and proposals to the Boar d prior to the Boar d s decision F or det ails re gar din g member s independence and at tendance refer to the t able on pa g e 3637 The Commit tee met four times durin g 2012 The ma jor topic s discussed are lis ted abo v e In addition to the topic s lis ted other areas are discussed continuously such as oper ational per for mance updates from divisions s tr ate gy mark et and competition acquisitions insur ance credit risk t ax mat ter s le gal mat ter s fundin g and refnancin g Includes a s t andin g a g enda with updates on accountin g treasur y acquisitions riskinsur ance le gal t ax internal control enterprise risk mana g ement audit consult anc y cos ts and auditor independence Held per capsulam T elephone meetin g s Boar d of Director s Audit Commit tee MA M ana g ement Assur ance Q3 meetin g Q3 interim report U pdate from Audit Commit tee Business plan 2013 St atutor y meetin g Appointment of commit tee member s Authorization to sign for the compan y W ork procedures Boar d Audit and R emuner ation Commit tees Q1 meetin g Q1 interim report U pdate from Audit Commit tee Ta x Acquisitions Appro v al of Group policies Q1 meetin g Q1 interim report U pdates External auditor audit plan and fees I n t e rnal MA Q1 2012 audit activities Internal MA audit plan 2012 Q2 meetin g Q2 interim report U pdates External auditor half y ear report Internal MA Q2 2012 audit activities Q3 meetin g Q3 interim report U pdates Impairment tes t Corpor ate g o v ernance report Internal audit function assessment External auditor early w arnin g report Internal MA Q3 2012 audit activities Bud g et meetin g oper ational visit Divisional business plans and bud g ets 2013 Oper ational visit present ation Q4 meetin g Q4 and full y ear report U pdate from Audit Commit tee Audit report Euro bond R emuner ation The share bonus scheme Corpor ate g o v ernance report A w ar din g of M elk er Schorlin g Scholar ship M eetin g R emuner ation guidelines Share bonus scheme proposal Notice con v enin g the A GM 2011 Q4 meetin g Q4 interim report and full y ear report U pdates Corpor ate g o v ernance report External auditor report Internal MA Q4 2011 audit activities and action plans M eetin g R emuner ation guidelines Share bonus scheme proposal Notice con v enin g the A GM 2012 M eetin g M eetin g M eetin g Annual R eport Q2 meetin g Q2 interim report Financin g T echnology solutions U pdate from Audit Commit tee 35 Securit as Annual R eport 2012 G o v ernance and mana g ement Boar d of Director s report on corpor ate g o v ernance and internal control