Appointment of the auditor
Comments on regulations for the appointment of the auditor
According to § 119 section 1 No. 4 AktG (Company Law) the General Assembly decides about the appointment of the auditor, who, according to § 318 section 1 clause 3 HGB (German Commercial Code), shall be elected in each case before the end of the business year which precedes the audit period. The Supervisory Board has to submit a proposal for resolution to the General Assembly according to § 124 section 3 clause 1 AktG. Furthermore, each shareholder is free to make an application for the election of a different auditor within the scope of the General Assembly.
Immediately following the election of the auditor, the audit assignment will be issued to the auditor by the Supervisory Board (§ 318 section 1 clause 4 HGB).