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ePaper created 2014-04-29, 17:58:02 | version 1.30.00
The Executive Board also reported on the acquisition of the 33% stake in the Altmarkt-Galerie in Dresden, which had already been approved and carried out. At the third meeting on 25 September 2013, the Executive Board reported again on the occupancy situation of the property in Pécs and on a restructuring concept for the center. At this meeting we approved a new €150 million credit line to replace the existing credit line, which was due to expire in early 2014. A discussion also took place regard- ing the question of whether the Company falls within the scope of the Kapitalanlagegesetzbuch (KAGB – German Capital Investment Code) in force since July 2013. The Executive Board shared with us its view that the Company should be excluded from the scope of the KAGB and reported that a formal application had been submitted to the Federal Financial Supervisory Authority. We agree with the Executive Board’s assessment and assume that the Federal Financial Supervisory Authority will also confirm this view. At the last meeting on 26 November 2013, the Executive Board reported on preparations for a possible expansion of the properties in Danzig and Hamburg-Harburg. We also held extensive discussions on the projections for the past financial year and the Company’s medium-term performance planning as presented by the Executive Board. The Company’s future dividend policy was also discussed, and a decision was taken to increase the dividend proposal to the share- holders for the 2013–2016 financial years by €0.05 each year. In the absence of the Executive Board we discussed the future composition of the Supervisory Board and examined in detail the status of prepa- rations required for this change. Committees The Supervisory Board has established three committees: the Execu- tive Committee of the Supervisory Board, the Audit Committee and the Capital Market Committee. Each of these is made up of three mem- bers. The Executive Committee of the Supervisory Board functions simultaneously as a nomination committee. Given the size of the Com- pany and the number of Supervisory Board members, we consider the number of committees and committee members to be appropriate. During the reporting period, the Executive Committee of the Super- visory Board and the Audit Committee met on 12 April 2013. At the first scheduled meeting, on 23 April 2013, the Supervisory Board’s annual review of efficiency was completed and the agenda for the Annual General Meeting was approved. We selected the auditor, who was proposed to the shareholders for election. In relation to the audit of the annual financial statements, we once again attached great importance to the explanations of the Executive Board and those of the auditor on the real estate appraisals. In addition, the Executive Board explained the financial, accounting and tax impact on the Group of the corporate restructuring undertaken in 2012. The Executive Board also reported on the conclusion of efforts to restructure the investment structure in the Main-Taunus-Zentrum and on the progress made on the sale of the investment in the Galeria Dominikanska in Poland. The Executive Board also presented the possibility of acquiring the stake (33%) in the Altmarkt-Galerie in Dresden. The Executive Board explained the possible negative repercussions that implementation of the European AIFMD via the KAGB might have for Deutsche EuroShop. At the constituent meeting on 20 June 2013 following the Annual General Meeting, we elected members by open ballot to various func- tions on the Supervisory Board and its committees. The following were elected and returned to office: The Executive Board then reported on the sale of the stake in Galeria Dominikanska. We approved the sale unanimously. Chairman of the Supervisory Board Manfred Zaß Dep. Chairman of the Supervisory Board Dr. Michael Gellen Executive Committee Manfred Zaß (Chairman), Thomas Armbrust, Dr. Michael Gellen Financial Expert Karin Dohm Audit Committee Karin Dohm (Chairman), Thomas Armbrust, Manfred Zaß Capital Market Committee Manfred Zaß (Chairman), Thomas Armbrust (Deputy Chairman), Reiner Strecker DEUTSCHEEUROSHOPANNUALREPORT2013 015 P