Supervisory Board Report
The Supervisory Board of Česká pojišťovna is the Company’s oversight body, which oversees the exercise of the Board of Directors’ authority and the performance of the Company’s business activities. Its authority ensues from Czech legislation and the Company’s Articles of Association. In particular, the Supervisory Board oversees the functionality and effectiveness of the Company’s management and control system, as well as matters related to its strategic direction.
The Česká pojišťovna Supervisory Board has three members. Members of the Supervisory Board are elected and removed by the Company’s General Meeting. Members of the Supervisory Board serve for terms of five years.
The Supervisory Board’s activities are governed by an activity plan, which the Supervisory Board approves for each half-year in advance. Outside of the activity plan, the Supervisory Board discusses such matters as may arise between its meetings, provided that the nature of such issues so requires. Meetings of the Supervisory Board are held as needed, but not fewer than four times per year.
Individual checks, investigations, examinations, and inspections of Company materials, etc., are conducted by members of the Supervisory Board either individually or in groups authorised by the Supervisory Board in a resolution adopted at a Supervisory Board meeting or as separately authorised by the Chairman outside of a Supervisory Board meeting. Afterwards, at the immediately following Supervisory Board meeting, the Supervisory Board is informed of the activities conducted by individual members or groups authorised by the Supervisory Board and of the results thereof. Should any serious findings or circumstances arise from the supervisory activities, the Chairman of the Supervisory Board is informed of such on an on-going basis, even between Supervisory Board meetings.
The composition of the Supervisory Board as at the date the Annual Report was published is presented on page 19 hereof.
Prague, 27 April 2015
