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In a time of far-reaching challenges to a market focus, technology development
and to the strategic decisions for positioning the company in the future, it is essential
that the Supervisory Board and the Board of Management work together in an open atmosphere
of trust. The Supervisory Board closely advised the Board of Management on matters concerning
the company’s growth and success as the Board performed the duties incumbent upon it, particularly
in strategic decision-making. The Supervisory Board relied on continuous and comprehensive
information that was supplied to it and its committees in a timely manner and that concerned
all important business transactions and decisions to be made. The Supervisory Board and its
committees held regular formal meetings. Regular contact was also maintained and regularly
scheduled individual discussions were held between the chairmen of the Supervisory Board and
of the individual Supervisory Board committees and, in particular, the Chairman of the Board
of Management and the Chief Financial Officer.
The work of the Supervisory Board focused in detail on monitoring the company’s initiatives
to increase growth and productivity. In particular, this included closely following the
programs to increase efficiency implemented in 2001. The Six-Sigma-based approaches and
projects to increase productivity were implemented as part of “Operational Excellence”
across-the-board and at an increasing number of levels in the company during the year
under review. The Supervisory Board was kept informed of the results of these projects
at all times.
The Board of Management and Supervisory Board also focused on the innovation offensive and
management development. The Supervisory Board and its Strategy Committee focused on these
topics at their meetings in December 2002, in which the members intensively discussed with
the Board of Management the significance of these factors for sustainable success of all
the companies’ individual businesses. The systematic evaluation of technologies which are
critical to Celanese, as well as the identification of new growth opportunities that
are technology and market driven are a joint responsibility of the Board of Management
and the business heads of the individual companies in our Group. Anchoring a constant
willingness to change within the corporate culture and successfully designing change
are key responsibilities of the management. The Supervisory Board noted the Board of
Management’s initiatives in this area supportively: be it in the implementation of
growth-oriented initiatives or in sustainably developing the next generation of company
executives. The Talent Review Process was implemented throughout most of the entire
company and is complemented by programs for those employees who are just embarking upon
their careers as well as through the Champ program for highly qualified college graduates.
The strategy for continued development and a focus on the portfolio of the
company’s business activities was rigorously implemented in 2002. Major changes
were achieved through acquisitions, alliances and divestitures, most notably:
- the acquisition of the European emulsions and global emulsions
powders business from Clariant AG, Switzerland
- the divestiture of Trespaphan (OPP films business) to
Dor-Moplefan/Bain Capital
- the planned joint venture for Oxo products in Europe
with Degussa AG
- the formation of a joint venture called Estech GmbH with the U.S. company
Hatco in neopolyol esters for synthetic lubricants
- the divestiture of the U.S. amines business to US Amines Ltd.
A good record in environmental, health and safety affairs also plays a role in the success
and growth of a company. The Supervisory Board kept itself abreast of the status of developments
in this area. The company’s first sustainability report provides an overview of the obligations
the company has to sustainably manage natural resources. This publication lists concrete examples
of contributions our company has made to the social, economic and ecological aspects of sustainable,
future development of Celanese. Also of particular importance for the company is the continuing
positive progress made on the company’s safety record. The company has made great progress
towards its goal of having zero accidents.
Moreover, the Supervisory Board was informed comprehensively and in a timely manner on
those issues it is required to decide upon in accordance with legal requirements and the
company’s articles of association. The matters requiring Supervisory Board approval by
resolution were discussed in detail by the Supervisory Board with the members of the Board
of Management.
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