Report of the Supervisory Board
The Supervisory Board and its committees performed the duties assigned to them by law and by Rentenbank’s Articles of Association and corporate governance principles and they advised and supervised the Management Board on the proper conduct of its work during the past financial year.
The Supervisory Board assured itself that the Management Board and Supervisory Board observed the Public Corporate Governance Code of the Federal Republic of Germany in the version of 13 December 2023. It will continually see to it that the Code is observed and implemented. The Supervisory Board approves the Corporate Governance Report, including the Statement of Compliance.
The annual financial statements and additionally the management report at 31 December 2024 prepared by the Management Board in accordance with the regulations of the German Commercial Code have been audited and provided with an unqualified audit opinion by Deloitte GmbH Wirtschaftsprüfungsgesellschaft, Frankfurt am Main. The Supervisory Board has acknowledged and concurred with the audit results.
The Supervisory Board has reviewed the annual financial statements, including the management report, and the Annual Report 2024 of Landwirtschaftliche Rentenbank. It hereby adopts the Bank’s 2024 annual financial statements and management report.
Of the net income of EUR 38,000,000 presented in the income statement, an amount of EUR 19,000,000 will be allocated to the Principal Reserve pursuant to Section 2 (2) of Rentenbank’s Governing Law.
The Supervisory Board resolves to utilise the remaining distributable profit of EUR 19,000,000 in such a way that EUR 9,500,000 will be allocated to the Federal Republic of Germany’s Special-Purpose Fund and EUR 9,500,000 to the Promotional Fund.
Frankfurt am Main, 20 March 2025
The Supervisory Board
of Landwirtschaftliche Rentenbank
The Chairman
Joachim Ruckwied