How Liquidator and Supervisory Board Operate

Liquidator and Supervisory Board work together closely in the best interests of the company. Their common goal is to ensure the company's liquidation in best order.

As prescribed by law, UMS AG has a dual system of governance characterized by a clear separation between the executive body and the supervisory body, with simultaneous membership in both bodies strictly prohibited.

The Liquidator is responsible for independently managing the company with the company's best interests in mind and coordinating it with the Supervisory Board.

The Supervisory Board monitors and advises the Liquidator and is directly involved in decisions of fundamental importance to the company. The Supervisory Board has three members, all of whom are elected by the shareholders' meeting. There are no former members of the Management Board serving on the Supervisory Board. The term of the current Supervisory Board members will end at the close of the 2020 annual shareholder's meeting.

The Liquidator informs the Supervisory Board regularly, without delay and comprehensively about the Liquidation. Pursuant to the articles of association of UMS AG, transactions of fundamental importance must be approved by the Supervisory Board.

Each year, the Chairman of the Supervisory Board presents a report to the shareholders detailing its activities. This information is also presented at the annual shareholders' meeting. (PDF-File29 KB)