During the business year 2016/17, the Supervisory Board fulfilled its responsibilities under the law and the Articles of Incorporation, holding five plenary sessions and three meetings of the Audit Committee. In addition to ongoing reports on the Group’s current economic and financial situation, these meetings dealt in particular with company acquisitions, the NAFTA 2020 regional strategy, European energy and climate policy including potential alternative technologies for CO2-reduced steel production, as well as matters involving the supply of raw materials, innovation, and IT. The Audit Committee dealt with the review and preparation of the approval of the Company’s consolidated financial statements and the individual financial statements, preparation of the recommendation for the appointment of an auditor as well as topics relative to the internal control system, the risk management system, and Internal Auditing. The auditor, Grant Thornton Unitreu GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft, Vienna, attended two of the three meetings of the Audit Committee and was available for questions and discussions.
In the last meeting of the business year, the Supervisory Board carried out the self-evaluation stipulated under Rule 36 of the Corporate Governance Code and, without the presence of the Management Board, dealt with the general cooperation between Management Board and Supervisory Board, quality and scope of the documents made available to the Supervisory Board as well as organizational questions based on a list of questions.