The Management Board is responsible for managing the company, which means that it is responsible for achieving the corporate objectives, setting corporate strategy and policy, and for the ensuing trend inresults. The Management Board is accountable for this to the Supervisory Board, and the Supervisory Board is in turn accountable to the General Meeting. The Management Board consists of at least two directors who are appointed by the Supervisory Board after first receiving the advice of the works council and notifying the General Meeting. The Supervisory Board can also appoint one of the directors as chairman of the Management Board, which has been done in Corio’s case. The Supervisory Board determines the number of directors.