In the 2008 financial year the Supervisory Board again performed with the utmost diligence the tasks prescribed by statutory requirements and the Articles of Association. We considered at length the economic situation and strategic development of Talanx AG and its major subsidiaries. We advised the Board of Management on the direction of the company, monitored the management of business and were directly involved in decisions of fundamental importance.

In the year under review we came together for three ordinary meetings and one constitutive meeting of the Supervisory Board. As in the previous year, the Federal Financial Supervisory Authority (BaFin) exercised its legal powers and sent two representatives to attend two of these meetings. The Audit Committee of the Supervisory Board met three times and the Personnel Committee met twice. The Nomination Committee met in April 2008 for the first time and in this context suggested suitable candidates to the Supervisory Board, which the latter put forward for election to the Supervisory Board at the 2008 General Meeting. The Mediation Committee prescribed under the Co-Determination Act again had no reason to meet in 2008. The full Supervisory Board was briefed on the work of the various committees. In addition, we received quarterly written reports from the Board of Management on the course of business and the position of the company and the Group in accordance with § 90 German Stock Corporation Act (AktG). At no point in the year under review did we consider it necessary to conduct audit measures pursuant to § 111 Para. 2 German Stock Corporation Act (AktG). Insofar as transactions requiring approval arose between meetings, the Board of Management submitted these to us for a written resolution. The Chairman of the Supervisory Board also remained in constant contact with the Chairman of the Board of Management and was regularly advised of all important business transactions within the company and the Talanx Group. All in all, within the scope of our statutory responsibilities and those prescribed by the Articles of Association we assured ourselves of the lawfulness, expediency, regularity and efficiency of the actions of the Board of Management.

The Board of Management provided us with regular, timely and comprehensive information about the business and financial situation – including the risk situation and risk management –, major capital expenditure projects and fundamental issues of corporate policy as well as about transactions that – while not subject to the approval of the Supervisory Board – nevertheless need to be reported in accordance with the requirements of the Rules of Procedure.

In the year under review compliance guidelines were adopted by Talanx AG and its major subsidiaries governing the lawfulness of corporate actions and a whistleblower hotline was set up.