Letno poročilo 2007 - UniCredit Banka Slovenija dd

Report from the Supervisory BoardReport from the Supervisory BoardManagement Board proposed in accordance with the adoptedmid-term plans of the Bank and with a view to meeting the capitaladequacy requirements that the Bank’s net profit be allocated, inits entirety, to other Bank reserves instead of being distributedto shareholders or other persons. The Bank’s ManagementBoard also proposed that the Supervisory Board and the GeneralMeeting of Shareholders adopt the proposed resolution onthe use of net profit for fiscal year 2007, in accordance withtheir powers. The adoption of such a resolution will allow forthe bank’s future growth. The Supervisory Board adopted theresolution on the use of the net profit for 2007, approved theManagement Board’s proposal for the use of accumulated profitfor 2007, and recommended to adopt it in the proposed form atthe General meeting of Shareholders.The Management Board prepared the Annual Report on theBusiness Operations of UniCredit Banka Slovenija d.d. in 2007and presented it to the Supervisory Board for review by thelegally prescribed deadline. Together with the Annual Report, theSupervisory Board also received the Audit Report on the reviewof financial statements for fiscal year 2007, prepared by thelicensed auditing company KPMG Slovenija d.o.o., allowing theSupervisory Board to formulate a position on the Audit Report.The Supervisory Board reviewed the submitted Annual Report.It established that the Annual Report was consistent with thereports and information on the Bank’s performance in 2007,as well as with the reports on the economic and politicalenvironment in which the Bank operates and which werepresented to the Supervisory Board during the course of thefiscal year. Comparing the Annual Report with the auditedfinancial statements for fiscal year 2007, the Supervisory Boardestablished that the financial results presented in the AnnualReport were consistent with the Audit Report. Having examinedthe reports, findings and recommendations of the InternalAudit and external auditors, the Management Board took theserecommendations into consideration and carried out the activitiesnecessary for their implementation or ensured their initiation.In the opinion of the Supervisory Board, both the ManagementBoard and the Supervisory Board fulfilled all their legalrequirements in fiscal year 2007. Based on the regular monitoringof the Bank’s operations and the above mentioned reviews, theSupervisory Board approved the Annual Report on the Bank’sbusiness operations in 2007.The Audit Report on the review of the financial statements forfiscal year 2007, which was presented to the Supervisory Boardalong with the Annual Report, also includes the opinion of thecertified auditor. The certified auditor issued an unqualifiedopinion. The Supervisory Board was briefed about the Bank’sAudit Report for 2007 and had no objections thereto.The changes of the Articles of Association (adopted in 2007),which determined that the Supervisory Board meet once quarterlyinstead of once every six months, as previously established, alsowill increase the efficiency of the Board’s work. The SupervisoryBoard also approved the Management Board’s Rules of workprocedure and adopted the Supervisory Board’s Rules of workprocedure, which determine the internal organization andoperations of each Board. In line with the rules of UniCreditGroup, it suggested forming an audit committee.The Supervisory Board deems its work in 2007 as professionaland in line with the valid legislation and internal rules ofUniCredit Group.Federico GhizzoniChairman of the Supervisory BoardUniCredit Banka Slovenija d.d.144 2007 Annual Report · UniCredit Bank