In the 2017 financial year, the Supervisory Board performed the tasks incumbent on it by law and in accordance with the Articles of Association. In particular, it monitored the management of the company and provided advice to the Management Board in matters relating to corporate governance. In addition to strategic matters relating to the Bank’s direction, the Supervisory Board continually obtained information on the Bank’s economic and financial development as well as on the development of individual business segments. The Supervisory Board was provided with explanatory information on any deviations from the plan in the course of business.

In the 2017 reporting year, the Management Board provided the Supervisory Board with regular, timely and comprehensive information on the Bank’s business policy and other fundamental issues relating to corporate governance and planning, financial development, operating performance and the Bank’s risk, liquidity and capital management as well as on major legal disputes and transactions and on events of fundamental significance to the Bank. The Supervisory Board was involved in any decisions that were of key significance to the Bank. The Management Board also provided the Chair­person of the Supervisory Board and the Chairpersons of both the Risk and Audit Committees with information on key issues and upcoming decisions between the planned meetings. Where resolutions had to be passed between meetings, the Supervisory Board passed these resolutions using written procedures.

In the 2017 financial year, the Bank‘s focus was crucially shaped – in an environment with ever increasing regulatory requirements – by the privatisation process, whilst market conditions, particularly the crisis in the shipping markets, eased slightly. The start of 2017 was characterised by the sale of the so-called market portfolio. The focus over the rest of the year was increasingly on the actual privatisation process, which was formally started with the publication of the sales announcement at the end of January 2017. The Supervisory Board was closely involved in both issues. It received ongoing information on the status of the key mile-stones on the path towards privatisation as well on the sale of loan portfolios and accelerated winding down of NPL portfolios and – where necessary – passed corresponding resolutions. The Supervisory Board sought legal advice within this context where necessary.