Proxy Report - 27/04/2018
Items 4.13 and 4.20: We recommend opposing the discharge of Supervisory Board members Maria-Elisabeth Schaeffler-Thumann and Prof. KR Ing. Siegfried Wolf due to their insufficient attendance at Supervisory Board and committee meetings in financial year 2017.
Item 5: KPMG, Hanover, is proposed as auditor for the current financial year. We have no concerns over the ratio of non-audit/audit fees. However, we note that KPMG or its predecessor have audited the Company since at least the financial year 1975 (no earlier data available) which significantly exceeds our maximum acceptable term of office. We therefore recommend opposing the re-election of KPMG as auditor.
Continental is an automotive industry supplier. Co.'s automotive divisions comprised of: Chassis & Safety, which develops and produces systems that provide safety and enhanced vehicle dynamics; Powertrain, which develops solutions for gasoline and diesel engines, as well as hybrid and electrical drive systems; and Interior, which provides solutions for information management within vehicles and networking between vehicles. Co.'s rubber divisions comprised of: Tires, which provides tires for passenger cars through trucks, buses and construction site vehicles to special vehicles, motorcycles and bicycles; and ContiTech, which develops products made from rubber and plastic.
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