Dual Management SystemAs a joint stock company domiciled in Germany, Conergy is subject to German law, in particular, German securities law, as well as the ctopompany's Articles of Incorporation. As a German joint stock company, Conergy is also required to maintain the dual management and control structure embodied in the Management Board and the Supervisory Board.
Management BoardThe Management Board is responsible for running the company and managing its business. It is bound by laws, the provisions of the company's Articles of Association, the rules of internal procedure applicable to the Management Board and the Supervisory Board, as well as the resolutions of the General Shareholders' Meeting. The Management Board shall act in the company's interests and with the aim of boosting its enterprise value. The Supervisory Board appoints and recalls the members of the Management Board; it may appoint a chairman of the Management Board. The Supervisory Board also promulgates and amends the rules of internal procedure governing the Management Board.
Supervisory BoardUnder the Articles of Association, the Supervisory Board has had six members since February 2005. The members' terms of office run until the conclusion of the General Shareholders' Meeting charged with approving the actions of the Supervisory Board members in the 2009 financial year. Pursuant to the internal rules of procedure governing the Supervisory Board, there shall be at least one Supervisory Board meeting per quarter. The Supervisory Board convened six times in the 2005 financial year. The Supervisory Board established two committees.
Constructive Collaboration of the Management Board and the Supervisory BoardThe Management Board regularly reports to the Supervisory Board in a timely and comprehensive manner on all issues relevant to planning, performance, and risk and risk management, as well as on strategic measures. The Management Board must also report any deviations in the company's development from plans and targets, stating the reasons for such differences.
AccountingConergy's consolidated financial statements and the quarterly reports are prepared pursuant to the International Financial Reporting Standards (IFRS).