Report by the Supervisory Board
In 2016, we dealt extensively with the status and the development of the Company and discharged the duties imposed on us by the law and by the Company’s Articles of Incorporation. We were consulted by the Executive Board throughout the year and kept the global management of the Company under continued observation and scrutiny for legal compliance, adherence to proper accounting principles, business focus, and efficiency. We agreed to the Company’s strategy with the Executive Board and regularly discussed with the Executive Board the Company’s progress toward executing it. We were directly involved when the Executive Board made any decision of fundamental importance to SAP.
We regularly received full and timely reports from the Executive Board, both from members in person and in written documents. They kept us up to date on the Company’s strategy, plans, business performance, risks, risk management, compliance (in other words, adherence to laws, to the Company's Articles of Incorporation, and to internal policies), and on transactions of special significance for SAP. The Executive Board advised us when business deviated from plan or target, and why.
The content and scope of the Executive Board’s reports to us fully met our requirements for them. In addition, the Executive Board came to Supervisory Board meetings for discussion of the agenda items and to answer our questions. To ensure optimal performance of its duties, the Supervisory Board also deploys the latest SAP technologies. At our meetings, for example, we used the SAP Digital Boardroom, an innovative, analytical software solution that allows analysts to generate impressive graphics for all business area metrics in real time across multiple interactive computer screens. Thanks to this solution, we were always able to draw on current data and in-depth analyses during our discussions. We questioned and probed the Executive Board to satisfy ourselves that the information it gave to us was plausible. All transactions requiring approval by the Supervisory Board, whether by law, the Articles of Incorporation, or the Supervisory Board’s list of transactions requiring consent within the meaning of the German SE Implementation Act (SE-Ausführungsgesetz), section 19, were carefully examined and discussed with the Executive Board, focusing on the benefits, potential risks, and other effects of each transaction. The Supervisory Board agreed to all transactions for which its consent was sought by the Executive Board.
The CEO informed the Supervisory Board chairperson without delay of all important events that were significant for assessing SAP’s position and progress or for the management and governance of the Company. Moreover, the chairperson of the Supervisory Board met regularly with the CEO to discuss SAP’s strategy, planning, the Company’s business performance, risks, risk management, compliance, and other key topics and decisions. In this way, the chairperson of the Supervisory Board was also kept fully informed between meetings of the Supervisory Board and its committees.
Supervisory Board Meetings and Resolutions
In 2016, the Supervisory Board of SAP SE held four ordinary meetings and one extraordinary meeting at which we deliberated and resolved on all matters of relevance to the Company. We also adopted two resolutions by correspondence vote. No Supervisory Board member attended only half or less of the meetings of the Supervisory Board and of the committees to which the member belonged in the fiscal year. The average attendance rate for the Supervisory Board and committee meetings was 95%. The Supervisory Board and its committees also convened wholly or partly without the Executive Board as necessary to deliberate on items that pertained to the Executive Board or required internal discussion among Supervisory Board members alone. On this basis, the Executive Board withdrew temporarily from three of the plenary sessions, in particular. The Supervisory Board addressed the following key topics during the year:
Simplification of Processes, and the Company’s 2020 Strategy
The 2020 strategy, which has the goal to make SAP the world’s leading cloud company in terms of market share, market capitalization, and revenue, was discussed at length with the Executive Board at meetings of the Technology and Strategy Committee meetings and of the full Supervisory Board. At our meetings in February and July, the Executive Board apprised us of the various initiatives and projects for implementing this strategy. In July, we also heard an Executive Board report on the total cost of ownership (TCO) in the cloud area, and gave our constructive feedback on the plans presented. Likewise in our line of focus was the Run Simple initiative, SAP’s project for simplifying our internal processes and reducing complexity. We continuously monitored progress of this initiative throughout the year. When we met in July, the Executive Board reported on some of the results achieved thus far in SAP’s controlling, internal reporting, and other financial processes. As part of its simplification efforts, the Company also streamlined and optimized the process by which the SAP SE financial statements, the consolidated financial statements, and the integrated report are prepared, thus enabling SAP to publish our integrated report as early as February of the new year from now on. To accommodate this new timeline, the Supervisory Board adjusted its meeting schedule as of the new year and brought forward discussion of balance sheet-related topics from the March meeting to the February meeting.
HR Topics and Executive Board Compensation
The Supervisory Board dealt with human resources (HR) matters and Executive Board compensation notably in its first two meetings of 2016. All HR and compensation topics were extensively prepared by the General and Compensation Committee and subsequently adopted by the full Supervisory Board.
At our ordinary meeting in February, we resolved the appointment of Stefan Ries and Steve Singh to the Executive Board effective April 1, 2016. The Executive Board explained its concept to dissolve the Global Managing Board and instead have various managers in global key roles more directly involved in crucial management tasks in the future. We acknowledged and endorsed this decision.
We also discussed Executive Board compensation for 2015 at the February meeting. Exercising our discretionary powers under the terms of the short-term incentive (STI) plan 2015, we determined performance against the defined targets. As well, we determined target achievement within the so-called performance period for the 2015 tranche of the RSU Milestone Plan 2015. Introduced in 2012, the RSU Milestone Plan 2015 is a long-term variable compensation element for SAP SE Executive Board members in which the members were granted a number of virtual shares (called restricted share units, or RSUs) for a given year (or “tranche”); the quantity of RSUs ultimately allocable for a plan tranche depends on SAP's operating profit performance in the year it is allocated. When we met in February, we also deliberated on Executive Board compensation for 2016. We identified the key performance indicators (KPIs) and set the target numbers for each KPI in the STI 2016 plan and their relative weightings. In addition, we decided that, as of 2016, there should be greater differentiation in Executive Board members' compensation based on the function and role of the individual Executive Board member. We therefore requested Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft, the Company’s external compensation consultants, to carry out a benchmark analysis of the Executive Board appointment contracts based on a peer group of companies predefined by us. After comprehensive evaluation of this analysis, the General and Compensation Committee proposed a number of measures for consideration by the full Supervisory Board. The Supervisory Board, in turn, resolved at its March meeting to increase certain Executive Board members’ long-term incentive (LTI) plan based on their roles, and to generally pay fixed compensation and STI compensation elements in the currency of the Executive Board member's home country. It subsequently approved the individual Executive Board compensation packages. The Supervisory Board, as required, evaluated the appropriateness of the Executive Board members' compensation, and in each case found it to be appropriate in terms of amount, structure, objective criteria, and for each member's responsibilities and tasks. Ahead of the meeting, we had received a certificate from Ernst & Young on the compensation's appropriateness. For more information about the LTI Plan 2016 and other elements of the compensation package for Executive Board members, see the Compensation Report.
In our opinion, the complex transition to the cloud initiated by the Executive Board can only be successfully implemented with the long-term commitment of the Executive Board members to the Company. This is why we also agreed in our March meeting to prematurely reappoint Bill McDermott, Robert Enslin, Bernd Leukert, and Luka Mucic as members of the Executive Board for a term of five years. In August and November, the General and Compensation Committee prepared an amendment to the Executive Board appointment contracts with regards to the leaver provisions (that is, the provisions for when an Executive Board member steps down) under the LTI plan, which we adopted in an extraordinary telephone conference in December. We referred in both meetings to the aforementioned appropriateness certificate from Ernst & Young.
Other matters addressed at our meetings in 2016 included:
Meeting in February
At our February 18 meeting, the Executive Board gave us an overview of business in 2015 and presented information on SAP's revenue growth in the individual business areas, regions, and product fields. It also explained SAP's current market position. We discussed in detail the annual budget for 2016 as presented to us by the Executive Board, and approved same. In addition, we reviewed the results of the employee survey.
Meeting in March (Meeting to Discuss the Financial Statements)
At its ordinary meeting on March 24, the Supervisory Board turned its attention to SAP SE financial statements and the consolidated financial statements for 2015, the audits conducted by KPMG AG Wirtschaftsprüfungsgesellschaft (KPMG), and the Executive Board’s proposed resolution on the appropriation of retained earnings for 2015. The Audit Committee comprehensively prepared all topics for which it is responsible in connection with the financial statements and the consolidated financial statements for 2015, and reported particularly on the form and scope of its examination of the documents relating to the financial statements, which it recommended we approve. The auditor attended the meeting and reported in detail on the audit and its findings for each of the focus areas that had been agreed between the auditor and the Audit Committee. The auditor also related the discussions on those matters at the preceding meetings of the Audit Committee. The auditor then discussed the results of the audit with the Supervisory Board and answered our questions. The Supervisory Board approved the audit. There were no findings from our own examination, so we gave our consent to the SAP SE and consolidated financial statements for 2015. We checked and endorsed the Executive Board’s proposal to appropriate retained earnings in accordance with the Audit Committee’s recommendation. There were also a number of corporate governance matters on the meeting agenda. We decided on the resolutions we would propose for the agenda of the Annual General Meeting of Shareholders in May 2016. Our recommendation to the Annual General Meeting of Shareholders concerning the auditor to elect for 2016 followed the recommendation of the Audit Committee to us.
We regularly reviewed and updated the list of transactions for which the Executive Board must obtain the Supervisory Board’s consent in accordance with the German SE Implementation Act, section 19. The Executive Board presented detailed information about the investment activities of SAP’s venture capital funds. The Supervisory Board approved the financing of two further venture capital funds with a total volume of US$1 billion, for investment in the respective funds by 2022 and 2023 respectively.
Meeting in July
At our ordinary meeting on July 14, we discussed the aforementioned strategy topics as well as the directors’ and officers’ (D&O) group liability insurance policies that we take out from year to year. We also agreed that deliberations on the budget process be made the subject of joint meetings between the Financial and Investment Committee and the Audit Committee from now on.
The Executive Board then gave us an account of business in the second quarter of 2016 and performance in the first half-year, reporting at our request particularly on revenue development in the various regions, on SAP’s competitive position in its core business and in the cloud, and on the progress in healthcare solutions. We also received updates on the business activities in the SAP Business Network operating segment and in the Internet of Things space.
Meeting in October
Our October 28 meeting was held at the SAP Innovation Center in Potsdam, SAP’s development center for new software technologies that opened in 2014. This gave the Supervisory Board members the opportunity to tour the facility, learn about the latest development projects, and gain insight into how SAP collaborates with its customers, other research institutes, and universities. At the meeting, the Executive Board reported on business and updated us on SAP's current HR strategy. In agreement with the Executive Board, the Supervisory Board also adopted, for regular publication in October 2016, the annual declaration of implementation of the German Corporate Governance Code (the “Code”) pursuant to the German Stock Corporation Act, section 161. The Supervisory Board determined that it has a sufficient number of independent members. We were then given a comprehensive overview of SAP’s product strategy in the small business and midmarket segments. Finally, the Executive Board informed us about the organizational setup and work performed by SAP’s internal data protection department, explained how SAP is preparing for the new EU General Data Projection Regulation, and reported on other legal developments relevant for SAP in the area of data protection.
The Work of the Supervisory Board Committees
The committees made a key contribution to the work of the Supervisory Board and reported on their work to us, including their preparatory work on the relevant agenda items of the full Supervisory Board. The following committees were in place in 2016:
- General and Compensation Committee: Hasso Plattner (chairperson), Wilhelm Haarmann, Andreas Hahn, Margret Klein-Magar, Lars Lamade, Bernard Liautaud, Sebastian Sick, Jim Hagemann Snabe
- Audit Committee: Erhard Schipporeit (chairperson), Panagiotis Bissiritsas, Martin Duffek, Klaus Wucherer
- Finance and Investment Committee: Wilhelm Haarmann (chairperson), Pekka Ala-Pietilä, Panagiotis Bissiritsas, Margret Klein-Magar, Sebastian Sick, Jim Hagemann Snabe
- Technology and Strategy Committee: Hasso Plattner (chairperson), Christine Regitz (deputy chairperson), Pekka Ala-Pietilä, Panagiotis Bissiritsas, Anja Feldmann, Andreas Hahn, Gesche Joost, Margret Klein-Magar, Bernard Liautaud, Pierre Thiollet
- People and Organization Committee: Hasso Plattner (chairperson), Martin Duffek, Anja Feldmann, Wilhelm Haarmann, Gesche Joost, Lars Lamade, Christine Regitz, Robert Schuschnig-Fowler
- Nomination Committee: Hasso Plattner (chairperson), Pekka Ala-Pietilä, Bernard Liautaud
- Special Committee: Hasso Plattner (chairperson), Pekka Ala-Pietilä, Wilhelm Haarmann, Lars Lamade, Erhard Schipporeit, Sebastian Sick
Each of the committees was active in 2016 except the Special Committee.
For more information about the Supervisory Board committees and their duties, see SAP's corporate governance statement pursuant to the German Commercial Code, section 289a, published on the SAP public Web site at www.sap.de/investor.
In 2016, the committees focused on the following topics:
- The General and Compensation Committee held six meetings at which members attended in person (“physical meetings”) and one meeting by telephone conference. During its meetings, it prepared and recommended the Supervisory Board's resolutions, notably those on Executive Board compensation and HR decisions described above. It also focused on the following matters: At the beginning of the year, it deliberated on the annual report it receives from the Company’s capital market compliance officer, including an overview of the changes to the rules on insider trading and directors' dealings notifications under the new EU Market Abuse Regulation, which came into force on July 3, 2016. At the meeting in March, the Committee received a report from the corporate governance officer and adopted an update to its rules of procedure. In June, the Committee approved the conclusion of a consulting contract between the Company and the retiring Executive Board member Gerhard Oswald. In October, it prepared the Supervisory Board’s resolutions with respect to the submission of the declaration of implementation of the Code and ascertaining the independence of Supervisory Board members. It also discussed succession planning for the Executive Board. In the fiscal year ended, the Committee also approved the acceptance of outside supervisory board seats by three Executive Board members.
- The Audit Committee held five physical meetings and four meetings by telephone conference. The telephone conference meetings were all ahead of the publication of quarterly financial reports for each quarter. At these meetings, the Committee primarily deliberated on the course of business over the quarter concerned, the process by which the quarterly financial reports were prepared, the quarterly reports to be published, and insights gained from the auditor’s quarterly review of selected revenue-generating software agreements. The physical meetings in February and March concentrated on the SAP SE and consolidated financial reports for 2015 and the reporting process, the internal control structure for financial reporting, the most important accounting methods, and the audit. At the February meeting, the Committee also discussed the German Financial Reporting Enforcement Panel's criteria and the internal audit service's report for the previous year, organization and processes, and audit plan for 2016. At its meeting in March, the Committee did preparatory work on the Supervisory Board's recommendations to the Annual General Meeting of Shareholders concerning the election of an auditor and the appropriation of retained earnings and discussed the Company's compliance system. When it met in July, the Committee discussed the audit focus and fees with the auditor, dealt with the internal audit service's work in the first half of the year and audit planning for the second half-year, and reviewed the Company's internal controls. At its October meeting, the Committee discussed the report from the chief compliance officer and other compliance system matters and came to the conclusion that the compliance system was effective. As reported in more detail below, the Committee also held a joint meeting with the Finance and Investment Committee on the same day, to prepare the Supervisory Board’s February 2017 resolution concerning the Group annual plan.The auditor attended all physical meetings and telephone conference meetings of the Audit Committee and reported in depth on its audit work and on its quarterly reviews of selected software agreements.
- The Finance and Investment Committee held five physical meetings in 2016, of which one was a joint meeting with the Technology and Strategy Committee and one a joint meeting with the Audit Committee. At its February 17 meeting, representatives from Sapphire Ventures presented detailed information about the investment activities of the three SAP venture capital funds. The Committee recommended that the Supervisory Board approve the financing of two further venture capital funds totaling US$1 billion. It also discussed the annual report on SAP's acquisitions. When it met on July 13, the Committee focused solely on a comprehensive evaluation of SAP by external analysts. It also held a joint meeting with the Technology and Strategy Committee on the same day. Matters discussed included a multiyear overview of the development of SAP’s major acquisitions, SAP's strategic alignment and competitive environment, and the results of an analysis of SAP’s product portfolio. The Committee also approved by correspondence the Executive Board's planned financing transactions. At its October meeting, the Committee examined the organizational structure, business environment, and equity investments of an SAP subsidiary that provides professional services to national security authorities, and were given an update on other equity investments and acquisition-related activities carried out by SAP in 2016. The focus of the joint meeting with the Audit Committee on October 25 was the presentation of and discussion on the preliminary Group annual plan for 2017, in preparation for the Supervisory Board meeting in February 2017, at which the full Supervisory Board resolved to approve the 2017 Group annual plan.
- The Technology and Strategy Committee held four meetings in 2016, one of which was a joint meeting with the Finance and Investment Committee. It discussed the key technology trends in the software industry in the years to come and SAP’s corporate and product strategies. At the Committee’s February 17 meeting, the Executive Board presented an overview of market development in 2015 and explained what it would mean for SAP's business in 2016. Key topics included the strategic road map, development priorities, and market launch of our human capital management (HCM) software. The Committee also learned more about the SAP Startup Focus program, SAP’s initiative to support startups. The focus topics of the March 23 meeting were TCO of SAP S/4HANA, SAP’s strategy for analytics, and a status report on the Sybase acquisition. When the Committee met on October 27, it deliberated on the measures to position SAP Ariba products and learned more about the road map and platform architecture for machine learning.
- The People and Organization Committee held two meetings in 2016. In September, it engaged in detailed discussions about the measures to recruit top talents, and asked management for an update on the current status of training and personal and professional development at SAP, so that it could see whether the Committee’s suggestions from the year before had been implemented. To this end, the Committee reviewed the technical learning offerings available through SAP Development University, SAP's internal academy for the professional training of our software developers. The second meeting was held on December 6. The Committee was presented with the results of the SAP Strategy Survey, an employee survey conducted in the summer of 2016 regarding the implementation and employees’ understanding of the strategy. The Committee was also given an update on SAP's collaboration with academia to promote young talents in a digitalized working world. Further topics at this meeting included the new employee stock plan and the expert career path at SAP.
- The Nomination Committee is composed exclusively of shareholder representatives. It met once, in March 2016, to prepare the Supervisory Board's recommendation to the Annual General Meeting of Shareholders that Gesche Joost be elected shareholder representative on the Supervisory Board. It also reviewed its process for seeking suitable candidates for the Supervisory Board.
Regular reports from the committees ensured that we were kept fully informed of all matters covered by the committees and were able to discuss them thoroughly.
SAP’s corporate governance officer monitored our compliance with those recommendations in the Code with which we claim to comply in SAP SE's declaration, and reported in full to the General and Compensation Committee. For more information about compliance with the Code, see the Corporate Governance Report from the Executive Board and Supervisory Board.
Members of the Executive Board and of the Supervisory Board had no conflicts of interest that sections 4.3.4 and 5.5.2 of the Code require to be disclosed to the Supervisory Board. Some Supervisory Board members currently have business dealings with SAP or hold senior positions or material equity in companies that currently have business dealings with SAP, or had done so in the course of the year. SAP’s business dealings with these persons or companies are or were at arm’s length. In our view, especially given the limited scope and materiality of those dealings, they did not affect the independence of the Supervisory Board members concerned and do not give rise to any substantial and not merely temporary conflict of interest in the meaning of the Code. There were a number of transactions involving members of the Executive Board in 2015 which were all consistent with industry standards and immaterial. These transactions were approved by the General and Compensation Committee during the year under review. The General and Compensation Committee also approved a consulting contract for Gerhard Oswald for after his retirement from the Company. The Company made no other contracts with members of the Executive Board or Supervisory Board that would have required a resolution of the Supervisory Board.
The Supervisory Board closely examined the Executive Board’s corporate governance statement pursuant to the German Commercial Code, section 289a. We approved the statement with the combined SAP Group and SAP SE management report.
SAP SE and Consolidated Financial Reports for 2016
KPMG audited the SAP SE and consolidated financial reports for 2016. The Annual General Meeting of Shareholders elected KPMG as the SAP SE and SAP Group auditor on Thursday, May 12, 2016. The Supervisory Board proposed the appointment of KPMG on the recommendation of the Audit Committee. Before proposing KPMG to the Annual General Meeting of Shareholders as auditor for the year, the chairperson of the Supervisory Board and the Audit Committee obtained confirmation from KPMG that circumstances did not exist that might prejudice or raise any doubt concerning its independence as the Company’s auditor. In that connection, KPMG informed us of the volume of the services that were not part of the audit which it had either provided to the Group in the past year or was engaged to provide in the year to come. The Supervisory Board has agreed with KPMG that the auditor should report to the Supervisory Board and record in the auditor’s report any fact found during the audit that is inconsistent with the declaration given by the Executive Board and the Supervisory Board concerning implementation of the German Corporate Governance Code. KPMG examined the SAP SE financial statements prepared in accordance with the German Commercial Code, the consolidated financial statements prepared in accordance with International Financial Reporting Standards (IFRSs) as required by the German Commercial Code, section 315a, and the combined SAP Group and SAP SE management report, and certified them without qualification. The auditor thus confirmed that, in its opinion and based on its audit in accordance with the applicable accounting principles, the SAP SE and consolidated financial statements give a true and fair view of the net assets, financial position, and results of operations of SAP SE and the SAP Group. The auditor also confirmed that the combined SAP SE and SAP Group management report is consistent with the corresponding financial statements and as a whole gives a suitable view of the position of SAP SE and the SAP Group and of foreseeable opportunities and risks. KPMG had completed its audit of SAP’s internal control over financial reporting and certified without qualification that it complies with the applicable U.S. standards. The auditor stated in its opinion that it considers SAP's internal controls over financial reporting to be effective in all material respects. All Audit Committee and Supervisory Board members received the documents concerning the financial statements mentioned above, the audit reports prepared by KPMG, and the Executive Board’s proposal concerning the appropriation of retained earnings in good time.
On February 20, 2017, the Executive Board prepared the financial accounts of SAP SE and the Group for 2016, comprising the SAP SE financial statements, the consolidated financial statements, and the combined management report, and submitted them without delay to the Supervisory Board.
At the meeting of the Audit Committee on February 21, 2017, and at the meeting of the Supervisory Board on February 22, 2017, the Executive Board explained the financial statements of SAP SE and the SAP Group and its proposal concerning the appropriation of retained earnings. Members of the Executive Board answered questions from the Audit Committee and the Supervisory Board. At the Audit Committee meeting, they also explained the Annual Report on Form 20-F.
After the Executive Board had explained them, the Audit Committee and the Supervisory Board reviewed the financial statement documents in the light of KPMG’s audit reports. The representatives of the auditor who attended presented full reports on the audit and the results of the audit to the Audit Committee and Supervisory Board meetings and explained the audit report. The auditor also reported that it had not identified any material weaknesses in our internal control and risk-management systems for financial reporting. Both the Audit Committee and the Supervisory Board asked detailed questions about the form, scope, and results of the audit. The Audit Committee reported to the Supervisory Board on its own review of the financial statements of SAP SE and the SAP Group, its discussions with the Executive Board and with the auditor, and its supervision of the financial reporting process. It confirmed that as part of its supervisory work, it had addressed the effectiveness of the SAP Group internal control, risk management, and internal auditing systems, and found the systems to be effective.
The Committee also reported that KPMG had told it that no circumstances had arisen that might give cause for concern about KPMG’s impartiality, and informed us about the services KPMG had provided that were not part of the audit. The Committee reported that it had examined the auditor's independence, taking the non-audit services it had rendered into consideration, and stated that in the Committee’s opinion the auditor possessed the required degree of independence.
The Audit Committee and the Supervisory Board satisfied themselves that KPMG had conducted the audit properly. In particular, they concluded that both the audit reports and the audit itself fulfilled the legal requirements. On the basis of the report and the Audit Committee’s recommendation, the Supervisory Board approved the audit and, since there were no findings from our own examination, we gave our consent to the SAP SE financial statements, the consolidated financial statements, and the combined management report (including the Executive Board’s corporate governance statement pursuant to the German Commercial Code, section 289a). The financial statements and combined management report were thus formally adopted. The Supervisory Board’s opinion of the Company and the Group coincided with that of the Executive Board as set out in the combined management report. The Supervisory Board considered the proposal presented by the Executive Board concerning the appropriation of retained earnings. We had regard to the requirements of dividends policy, the effects on the liquidity of the Group, and the interests of the shareholders. We also discussed these matters with the auditor. We then endorsed the Executive Board’s proposal concerning the appropriation of retained earnings, in accordance with the Audit Committee's recommendation. Finally, we approved this present report.
Changes on the Supervisory and Executive Boards
Stefan Ries and Steve Singh were appointed members of the Executive Board with effect from April 1, 2016.
After 36 years at SAP – 21 of which as member of the Executive Board – Gerhard Oswald retired from the Company and the Executive Board on December 31, 2016. He remains associated with SAP as a consultant so that SAP is still able to benefit from his experience and expertise. We thank Gerhard Oswald for his many years of valuable and constructive service to SAP.
Gesche Joost, who was initially appointed by the court as interim member of the Supervisory Board at the end of May 2015, was elected to the Supervisory Board as shareholder representative on May 12, 2016, by the Annual General Meeting of Shareholders.
The Supervisory Board thanks the Executive Board, the managing directors of the Group companies, and all of our employees for their hard work and dedication in 2016. We would also like to thank our customers and partners. Without them, our Company's success would not be possible.
For the Supervisory Board
Professor Hasso Plattner