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Munich Re
Report of the Supervisory Board
In accordance with the duties incumbent upon the Supervisory Board
under German law and the Articles of Association, we have constantly
monitored the conduct of the company’s business. During the period under
review we kept ourselves informed – by means of written and oral reports
from the Board of Management – of the position and development of the
company and its main participations. Fundamental matters of company
management were discussed at several meetings with the Board of
Management. Insofar as management measures required the approval of
the Supervisory Board, all the points involved were discussed in detail.
The share exchange with Allianz AG Holding carried out at the beginning
of the new business year and the purchase of the American Re
Corporation resolved in August 1996 were closely considered and
assessed together with the Board of Management.
The Munich Reinsurance Company’s bookkeeping, its company accounts
and consolidated accounts as at 30th June 1996, as well as the Board of
Management’s report for the company and the Group as a whole, have
been examined by the Bayerische Treuhandgesellschaft Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft and have
received an unqualified auditors’ certificate. We have discussed the result
of the audit in detail and it meets with our approval. Our own examination
gives rise to no objections either.
We approve the company accounts drawn up by the Board of Management.
The accounts are thus adopted in accordance with Article 172
of the German Stock Companies Act. We agree to the proposal for the
appropriation of the balance sheet profit.
Dr. Wolfgang Schieren, who had been Deputy Chairman of the Supervisory
Board since 1972, passed away on 24th February 1996. In the many
years of his membership of the Supervisory Board, he made an especially
valuable contribution to the development of our company, for which we
shall always remember him with gratitude and appreciation.
On 21st March 1996 Dr. Henning Schulte-Noelle, Chairman of the Board of
Management of Allianz AG Holding in Munich, was appointed to Munich
Re’s Supervisory Board. We have elected Dr. Schulte-Noelle to serve as
Deputy Chairman of the Board alongside Dr. Röller.
On 31st December 1995 Mr. Dieter Nonhoff left the Board of Management
of our company to take up the position of Chairman of the Board of
Management of the Hamburg-Mannheimer Versicherungs-AG in Hamburg.
In his many years on our Board, he represented the company’s interests
with skill and conviction. We thank him for his conscientious work and
commitment.
We wish to thank the Board of Management and the staff of both the
Munich Reinsurance Company and the Group companies for their hard
work and commitment, and the staff representatives for their objective
and constructive cooperation in the interest of our company.
Munich, 24th October 1996
For the Supervisory Board
Prof. Dr. Dieter Spethmann
Chairman
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