COOPEC Group’s Supervisory Board
As its name suggests, the Supervisory Board supervises the state of play, course of business and Managing Board at COOPEC Bank, led by the interests of both the company and all its stakeholders. The Supervisory Board also gives support and advice to the Managing Board.
Supervisory Board members are appointed by the Annual General Meeting of Shareholders. After their initial four-year terms, members can be re-appointed twice. Any prospective member or re-appointee is required to meet the criteria as set out in the membership profile.
Candidates are put forward by the Supervisory Board and the Works Council. The Works Council has the right to nominate one-third of the total Supervisory Board membership.
Governance of Supervisory Board
The document containing the Rules of Procedures of the Supervisoy Board includes the profile of the Board's scope and composition and the rules governing the committees of the Supervisory Board.
The Audit Committee
The Audit Committee is tasked, among other things, with the direct supervision of all matters relating to financial strategy and performance, including the selection of and relationship with the external auditor, the effectiveness of the accounting systems, financial disclosures and related aspects of internal risk management and internal control.
Remuneration, Selection and Nomination Committee
The responsibilities of the Remuneration, Selection & Nomination Committee include preparation of the selection, nomination and re-nomination of the members of the Supervisory and Managing Boards. To this end, the committee is involved in drafting selection criteria and appointment procedures, and in preparing and periodically reviewing succession plans of these Boards. The committee periodically assesses the performance of the members of both boards. Its remuneration related tasks include advising the Supervisory Board on remuneration for members of the Managing Board and advising on remuneration of selected members of senior management responsible for the control functions and reward policies for other Identified Staff.
