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Main focus of advice and monitoring activities in 2011

The Supervisory Board met at four regularly convened meetings in financial year 2011 on 10 March, before the annual general meeting on 12 May, 25 August and 24 November 2011.

Progress reports on the status of implementation of the “complus” programme launched in 2008 remained a central topic. We obtained extensive information on the further development of the range of products and services offered by comdirect bank AG. The Board of Managing Directors kept us continually informed with regard to the various major projects carried out in 2011, such as the introduction of CFD trading and limit functions in OTC trading. Another focus was the strategic further development of ebase and the B2B business line. In addition, together with the Board of Managing Directors we have started to discuss the future strategy following completion of “complus” in 2013.

As part of our deliberations, we obtained information on the bank’s development on the basis of the medium-term planning and also looked at the agenda for the following year. Moreover, the Supervisory Board regularly examined the risk position of the bank, with one of the main focal areas being the discussion on the overall risk strategy in line with the minimum requirements for risk management (MaRisk). In view of the ongoing financial market crisis, the focus also remained on the current market and credit risk situation in comdirect's Treasury portfolio and on reducing its exposure to the PIIGS states in particular.

Furthermore, the comdirect bank’s Board of Managing Directors kept us informed about the performance of key indicators and their impact on the bank's earnings situation, financial situation and assets. In this context, we also monitored the market and competitive environment of comdirect bank.

In addition to face-to-face meetings, the Supervisory Board used the written ballot procedure and conference calls to adopt resolutions based on the recommendations of the Presiding Committee, including the resolution specifying the criteria to be used to assess the variable compensation component for the Board of Managing Directors for financial years 2011 and 2012. The Supervisory Board also adopted a resolution on the new compensation model for certain specialist functions and managers, the new compensation model for members of the Board of Managing Directors of comdirect bank AG and a group company loan increase.

In financial year 2011, Dr. Christian Diekmann and Mr Carsten Strauß were each appointed as members of the Board of Managing Directors for a further five years by the Supervisory Board.