Annual report 2017

2017 ANNUAL REPORT Železiarne Podbrezová a.s. 41 The members of the Supervisory Board were in direct contact with the members of the Board of Directors and other senior staff throughout the year. They had adequate access to all information necessary to supervise the actions of the Board of Directors and the Company’s business activities. The Chairman of the Supervisory Board was informed about all important decisions of the Board of Directors under consideration. Every meeting of the Board of Directors was attended by several members of the Supervisory Board, who were provided with information on the economic and financial position of the Company and ŽP GROUP companies and on the balance of the Company’s assets, liabilities and receivables. Based on the results of the supervisory activities, the Supervisory Board concludes that the Company’s business activities in 2017 were performed in accordance with the legal regulations, Articles of Association and the General Meeting’s instructions. The members of the Board of Directors acted within the scope of their powers with professional diligence and in line with the interests of the Company and all its shareholders. The Supervisory Board examined the separate and consolidated financial statements for the reporting period ended 31 December 2017, audited by Deloitte Audit s.r.o., and identified no irregularities. Therefore, the Supervisory Board recommends that the General Meeting approve both financial statements. The Supervisory Board recommends that the General Meeting approve the Board of Director’s proposal for the pay-out of dividends and royalties from Retained earnings from previous years, as well as the proposal for the distribution of the 2017 profit. The Supervisory Board recommends that the General Meeting approve Deloitte Audit s.r.o., SKAu licence No. 014, to audit the financial statements for the period starting on 1 January 2018. In Podbrezová, 18 June 2018 Ing. Ján Banas Chairman of the Supervisory Board REPORT ON THE ACTIVITIES OF THE SUPERVISORY BOARD