17 BMW Group Report 2024 To Our Stakeholders Combined Management Report Group Financial Statements Responsibility Statement and Auditor’s Report Remuneration Report Other Information Report of the Supervisory Board The onboarding programme for new Supervisory Board members was continued in 2024, with representatives of various specialist departments taking the time to provide useful in- sights into the key business areas as well as the planning processes deployed by the BMW Group. The programme also included an introduction to the ongoing work of the Supervi- sory Board. In late 2024, we reviewed the effectiveness of the work of the Supervisory Board and its committees with the aid of a questionnaire and discussed the findings at our subsequent meeting. Cooperation, both within the Supervisory Board itself and with the Board of Man- agement, was unanimously perceived as constructive and trustworthy, and the topics se- lected for meetings and further training events were considered to be good, sensible choices. In the course of the current financial year, we intend to act on proposals to explore certain topics in greater depth, such as maintaining a focus on geopolitical developments and the Chinese market as well as updating the BMW Group’s circular economy concept. In all its deliberations and decisions, the Supervisory Board takes precautions at an early stage to ensure that conflicts of interest are avoided. No conflicts of interest arose in the fi- nancial year 2024. Description of Presiding Board activities and committee work During the financial year 2024, the Supervisory Board had a Presiding Board and four com- mittees. The Chairman of the Audit Committee, Dr Bock and myself reported in detail on the work of the Presiding Board and the other committees at the following Supervisory Board meeting. Further information on the duties, composition and working methods of the Super- visory Board committees is provided in the Statement on Corporate Governance on the BMW Group website. Unless a particular committee was responsible, the Presiding Board prepared the topics for the plenary sessions at its four meetings in cooperation with the Board of Management. It also put forward proposals for reporting within the Supervisory Board. The Presiding Board focused on the BMW Group’s corporate strategy and the strategy’s sustainability-related aspects, in addition to long-range corporate planning. The Group’s current business posi- tion was discussed in detail at each of the meetings of the Presiding Board. In preparation for the topic of “Say on Pay” at the Annual General Meeting 2025, the Presiding Board also took into account a market comparison of supervisory board remuneration. The Audit Committee convened eight times in total during the financial year 2024. In March 2024, the focus was on preparing for the Supervisory Board meeting at which the financial statements and the non-financial statement for the financial year 2023 were dis- cussed and examined. After verifying the matter of independence, the Audit Committee rec- ommended to the Supervisory Board that PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft (“PwC”) be elected auditor at the Annual General Meeting 2024. There were no indications of conflicts of interest, grounds for exclusion or lack of in- dependence on the part of the auditor. The Audit Committee concluded that PwC’s fee proposal for the audit of the Company and Group Financial Statements and the BMW Group Report 2024, as well as for the review of the Half-Year Report 2024, was appropriate in light of the scope of its tasks. The Commit- tee therefore issued the corresponding contracts to PwC following its election at the Annual General Meeting held in May 2024. The Audit Committee also specified supplementary au- dit focus areas. Moreover, it approved the scope of the non-audit services to be performed by PwC and received regular reports regarding these services. At its meetings, the Audit Committee discussed the quality of the audit at regular intervals. In particular, it received a report from the relevant department on the Group’s experience with the audit of the finan- cial statements for the financial year 2023 as well as on the results of a survey conducted within the Group for this purpose. Based on this report, the auditor’s description of the qual- ity assurance processes and measures undertaken, and the Audit Committee’s own experi- ence with the auditor, the audit was found to be of good quality. The Audit Committee also examined the combined Non-financial Statement of BMW AG and the BMW Group for the financial year 2023, which was part of the BMW Group Report 2023, and had representatives from PwC explain the results of their assurance engage- ment. For the financial year 2024, PwC was again engaged to report on the disclosures in the Non-financial (Group) Statement on a “limited assurance” basis (with the exception of specific key indicators within the Sustainability Report that are required to be reported on a “reasonable assurance” basis). Going beyond the formal review required by law, the Audit Committee also engaged PwC to audit the contents of the Remuneration Report for the fi- nancial year 2024. We were regularly updated about the reporting obligations arising in conjunction with the EU Corporate Sustainability Reporting Directive and the European Sustainability Reporting Standards as well as on the status of implementation within the Group and the assurance work performed by the external auditor. We also addressed the status of the legislative pro- cess in Germany for implementing the Directive. The Board of Management presented the Half-Year Report and the Quarterly Statements to us prior to publication and discussed them with us. These meetings were also used to discuss key financial indicators and the development of free cash flow. Representatives of the external auditors were also present when the Half-Year Report was discussed in early August 2024. At its meeting held in June, the Audit Committee considered the effectiveness and appropri- ateness of the BMW Group’s Internal Control System (including the Corporate Audit function