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The following changes occurred in the Supervisory Board. Serving Supervisory Board chairman Dr. Jürgen Zech and Prof. Dr. Hubert Burda resigned their seats with effect from 31 December 2001. With effect from 1 January 2002, Dr. Heinrich Focke was appointed to succeed Dr. Zech as a member of the Board at an extraordinary general meeting; as of the same date, the Board elected Dr. Focke as its chairman.

The Financial Statements, Management Report and Executive Board’s proposal for the appropriation of profit for the financial year 2001 were examined by the Supervisory Board. KPMG Deutsche Treuhand- Gesellschaft Aktiengesellschaft Wirtschaftsprüfungsgesellschaft, Cologne, the auditors appointed by Supervisory Board resolution on 22 May 2001 in compliance with Section 341 k of the German Com- mercial Code (HGB), fully certified the audited Financial Statements and Management Report. After hearing the certifying auditors, who provided further explanations and answers to Supervisory Board ques- tions at the Supervisory Board meeting convened to approve the bal- ance sheet, the Board endorses the outcome of the audit.

After completing its examination, the board has no objections to raise. It approves the financial statements prepared by the Executive Board, which are thus formally adopted.

The Board received and examined the Executive Board’s Report on Rela- tions with Affiliated Companies and the auditors’ report thereon. The Executive Board’s Report on Relations with Affiliated Companies was certified by the auditors as follows:

“After due examination and assessment, we confirm that

  • 1.

    the facts stated in the report are correct and

  • 2.

    the Company’s contribution to the transactions listed in the report

was not excessive.”

34 Gerling-Konzern Globale Rückversicherungs-AG/Report of the Supervisory Board

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