The Supervisory Board meets regularly and maintains a continuous dialogue with the Executive Board through its chairman. Its task is to oversee and advise the Executive Board. The Executive Board is required to report regularly to the Supervisory Board on aspects including business policy, corporate planning and corporate strategy. One specific feature of the German system is that employees are represented on the Supervisory Board. Evonik’s Supervisory Board has 20 members, ten representing the shareholders and ten representing the workforce. Under the German Codetermination Act, the employees usually elect delegates who in turn choose the employee representatives on the Supervisory Board. They currently include three representatives of the labor union. As per its rules of procedure, all decisions taken by the Supervisory Board are based on a majority vote, except where other mandatory rules apply.
In keeping with the legal requirements, the recommendations of the German Corporate Governance Code and its own Rules of Procedure, Evonik’s Supervisory Board currently has six committees. Alongside the Conciliation Committee required by law, it has an Executive Committee, a Finance and Investment Committee, an Audit Committee and a Nomination Committee, Innovation- and F&E Commitee.
The third governance organization required under the German Stock Corporation Act is the shareholders' meeting, where the shareholders exercise their rights.