Supervisory Board
Oversight and control functions
The role of the 20-member Supervisory Board is to oversee and advise the Board of Management. Under the German Codetermination Act, half the members of the Supervisory Board are elected by the stockholders, and half by the company’s employees. The Supervisory Board is directly involved in decisions on matters of fundamental importance to the company, regularly conferring with the Board of Management on the company’s strategic alignment and the implementation status of the business strategy.
The Chairman of the Supervisory Board coordinates its work and presides over the meetings. Through regular discussions with the Board of Management, the Supervisory Board is kept constantly informed of business policy, corporate planning and strategy. The annual budget, the financial statements of Bayer AG and the consolidated financial statements of the Bayer Group must be submitted to the Supervisory Board to obtain its approval, which must also take the auditor’s report into account. Details are provided in the Report of the Supervisory Board.
The committees set up by the Supervisory Board operate in accordance with the German Stock Corporation Act and the German Corporate Governance Code. There are currently a Presidial Committee (which also serves as the Mediation Committee under the German Codetermination Act), an Audit Committee, a Human Resources Committee and a Nominations Committee. The tasks of the committees and their activities during 2007 are described in detail in the external link: Report of the Supervisory Board.
The Chairman of the Supervisory Board coordinates its work and presides over the meetings. Through regular discussions with the Board of Management, the Supervisory Board is kept constantly informed of business policy, corporate planning and strategy. The annual budget, the financial statements of Bayer AG and the consolidated financial statements of the Bayer Group must be submitted to the Supervisory Board to obtain its approval, which must also take the auditor’s report into account. Details are provided in the Report of the Supervisory Board.
The committees set up by the Supervisory Board operate in accordance with the German Stock Corporation Act and the German Corporate Governance Code. There are currently a Presidial Committee (which also serves as the Mediation Committee under the German Codetermination Act), an Audit Committee, a Human Resources Committee and a Nominations Committee. The tasks of the committees and their activities during 2007 are described in detail in the external link: Report of the Supervisory Board.