The Supervisory Board is the supervising body of the CABB Group and consists of six members, three of which are independent. The Supervisory Board is responsible for the approval of the corporate strategy, supervises its implementation, and ensures good governance through clearly defined responsibilities, processes, and policies. In particular, it approves and reviews the governance principles and the management structures as well as internal regulations and directives, including organizational regulations and committee charters.
Furthermore, the Supervisory Board determines succession planning regarding the Executive Management Board, together with the Remuneration and Nomination Committee (RNC) and decides on the individual and total amount of fixed and variable compensation payable.
The Supervisory Board also appoints and removes the Board committees (except for the RNC) as well as the CEO and the other members of the Executive Management Board and reviews their performance in meeting agreed goals and objectives and complying with applicable laws, rules, and regulations.
The Supervisory Board has two Board committees which support the Supervisory Board on specific topics:
- Audit Committee (AC)
- Remuneration and Nomination Committee (RNC)
The Audit Committee consists of at least two Supervisory Board members appointed by the Supervisory Board, one of which is independent. The members of the Audit Committee have the necessary qualifications with regard to financial expertise and risk management best practices.
The purpose of the Audit Committee is to assist the Supervisory Board and the Executive Management Board in fulfilling its responsibilities defined by applicable law, the Articles of Association, the Organizational Regulations, and other regulations with respect to matters involving the financial and risk management aspects of governance of the CABB Group.