Annual Report 2009/2010 Geschäftsbericht 2009/2010 ... - biolitec AG
Annual Report 2009/2010 Geschäftsbericht 2009/2010 ... - biolitec AG
Annual Report 2009/2010 Geschäftsbericht 2009/2010 ... - biolitec AG
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56 Management <strong>Report</strong> Konzernlagebericht<br />
– momentarily done manually by the parent company’s accounting department.<br />
The in respect to the company’s size implemented organizational, corporate, control and monitoring<br />
structures as well as the personnel and tangible equipment of the company’s accounting department<br />
under aspects of economic efficiency are the basis for an efficient work of all accounting related departments.<br />
Compliance with the IFRS as the group’s accounting standard and respective internal guidelines<br />
are the basis for a uniform and generally correct accounting process.<br />
With respect to the application of the internal control systems as well as organizational preparations<br />
affiliated with the accounting process the group has identified weaknesses which were the cause for the<br />
delayed preparation of financial status. The Executive Board has agreed upon countermeasures and<br />
started implementing these.<br />
Remuneration<br />
Executive Board<br />
The Executive Board’s remuneration consists of fixed salary components only and amounted to KEUR<br />
180 in the fiscal year <strong>2009</strong>/<strong>2010</strong>. Variable compensation is non-existent. The fixed salary components<br />
paid to members of the Executive Board comprise benefits such as company cars and benefits in kind as<br />
well as other equipment and services necessary for Executive Board members to fulfill their duties.<br />
For an individual breakdown of compensation of the members of the Executive Board see notes section<br />
11.<br />
Supervisory Board<br />
The Supervisory Board’s remuneration consists of fixed salary components only and amounted to KEUR<br />
90 in the fiscal year <strong>2009</strong>/<strong>2010</strong>. Variable compensation is non-existent.<br />
For an individual breakdown of compensation of the members of the Supervisory Board see notes section<br />
11.