Corporate governance at DaimlerChrysler
Corporate governance bodies
German law provides for three corporate bodies for DaimlerChrysler:
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the Annual Meeting, where the shareholders exercise their rights and cast their votes.
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the Board of Management, which is responsible for performing the Group’s executive functions.
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the Supervisory Board, which monitors and advises the Board of Management. The Supervisory Board has formed three committees: the Presidential Committee (particularly responsible for the contractual affairs and remuneration of Board members), the Audit Committee (dealing with accounting, risk management, the annual audit, the internal monitoring systems and the handling of complaints in these matters) and the Mediation Committee (formed solely to perform the functions laid down in Section 31 (3) of the German Codetermination Act).
The decision-making authorities of the three corporate bodies are strictly separated from one another. A detailed description of the corporate governance principles, the rights and duties of the bodies, their composition and the declaration of compliance with the German Corporate Governance Code can be read in DaimlerChrysler’s Annual Report. Annual Report p.112ff., p.126ff. as well as in Figure 3 and at www 5. The remuneration of the individual members of the Board of Management, which was made public for the first time in 2006, can also be found in the Annual Report 120ff.
