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ePaper created 2014-04-29, 17:58:02 | version 1.30.00
We considered the development of the portfolio properties, specifically their turnover trends, the accounts receivable and occupancy rates, and the Company’s liquidity position. As the mandates of six members of the Supervisory Board expired in 2013 or will expire in 2014, we discussed our succession ideas and made preparations for the Board’s future composition. Regular discussions were conducted with the Executive Board regard- ing trends on the capital, credit, real estate and retail markets and the effects of these on the Company’s strategy. The Executive Board and Supervisory Board also examined various investment options. We received regular reports detailing the turnover trends and payment patterns of our tenants and banks’ lending policies. The Chairman of the Supervisory Board and the Executive Committee of the Supervisory Board also discussed other topical issues with the Executive Board as required. Transactions requiring the approval of the Supervisory Board were discussed and resolved upon at the scheduled meetings. In addition, circular resolutions were passed in writing by the Supervisory Board for transactions of the Executive Board requiring approval. All resolutions in the reporting period were passed unanimously. Meetings Four scheduled Supervisory Board meetings took place during finan- cial year 2013. The only absences were recorded at the meetings held on 20 June 2013 and 26 November 2013: one member of the Super- visory Board was excused from attending each meeting. During financial year 2013, the Supervisory Board performed the duties incumbent on it according to the law and the Articles of Association and closely followed the performance of Deutsche EuroShop AG. The strategic orientation of the Company was coordinated with the Supervisory Board, and the status of the strategy implementation was discussed at regular intervals. The Supervisory Board monitored and advised the Executive Board on its management of the business, and the Executive Board informed us regularly, promptly and in detail of business developments. On the day of the Annual General Meeting in 2013, Dr Jörn Kreke ended his eleven-year membership of the Company’s Supervisory Board on grounds of age. Through all these years, he closely supervised and supported the development of Deutsche EuroShop AG. The Supervisory Board thanked Dr Kreke for his dedication and wished him all the best. Focus of advisory activities We examined the Company’s net assets, financial position and results of operations, as well as its risk management, regularly and in detail. In this context, we checked that the formal conditions for implement- ing an efficient system of monitoring our Company were met and that the means of supervision at our disposal were effective. We were informed on an ongoing basis of all significant factors affect- ing the business. Report of the Supervisory Board Dear Shareholders,O O DEUTSCHEEUROSHOPANNUALREPORT2013 014