Common use of Oversight Responsibilities Clause in Contracts

Oversight Responsibilities. 1. The Committee shall exercise oversight responsibility over the following activities of the Executive Board as they relate to the Americas Region: a. The overall strategic direction of the business of the Company, including as reflected in the preparation and execution of the Company’s annual and pluri-annual business plans; b. The periodic review and evaluation of the Company’s financial and operating performance; c. The periodic review and monitoring of the Company’s organization and management, including transition and succession planning; d. The review, evaluation and monitoring of growth and development opportunities of the Company, in particular strategic acquisitions and partnerships; e. Such other matters concerning the Company’s markets, business operations, business relations, governmental and public affairs as the Committee shall see fit and proper or as shall be referred by the Executive Board from time to time. 2. The Americas Committee shall periodically report on its activities, findings and recommendations to the Supervisory Board but in no event less frequently than every 6 months. 3. The Committee shall have the ability and power to seek information from management and independent auditors of the Company and its subsidiaries in respect of the matter as to which it has oversight as it deems necessary or desirable to perform its duties. Such requests shall be made to the Chairman of the Executive Board. 4. The out-of–pocket reasonable expenses of the Committee and its members incurred in connection with their activities shall be advanced or promptly reimbursed by the Company in accordance with its business expense guidelines and policies in effect from time to time.