Supervisory Board Report

The Supervisory Board of Česká pojišťovna is the Company’s oversight body. It oversees the exercise of the responsibilities incumbent upon the Board of Directors and the pursuit of the Company’s business activities. Its competence is derived from Czech legislation and the Company’s Articles of Association. In particular, the Supervisory Board oversees the functionality and effectiveness of the Company’s management and control system, as well as matters related to its strategic direction.

The Česká pojišťovna Supervisory Board has four members. Members of the Supervisory Board are elected and removed by the Company’s General Meeting. Members of the Supervisory Board serve for terms of five years.

The Supervisory Board’s activities are governed by an activity plan, which the Supervisory Board approves for each half-year in advance. Outside of the activity plan, the Supervisory Board discusses such matters as may arise between its meetings, provided that the nature of such issues so requires. Meetings of the Supervisory Board are held as needed, but no fewer than four times per year.

Individual checks, investigations, examinations, and inspections of Company materials, etc., are conducted by members of the Supervisory Board either individually or in groups authorised by the Supervisory Board in a resolution adopted at a Supervisory Board meeting or as separately authorised by the Chairman outside of a Supervisory Board meeting. Afterwards, at the immediately following Supervisory Board meeting, the Supervisory Board is informed of the activities conducted by individual members or groups authorised by the Supervisory Board and of the results thereof. If any serious findings or circumstances arise from supervisory activities, the Chairman of the Supervisory Board is informed of such on an on-going basis, even between Supervisory Board meetings.

The composition of the Supervisory Board as at the date the Annual Report was published is presented on page 19 hereof.

Prague, April 2016

Luciano Cirinà
Chairman of the Supervisory Board