The Supervisory Board is responsible for monitoring the Management and approving important corporate decisions. Moreover, it appoints the Members of the Board of Management. The Supervisory Board of Volkswagen AG comprises 20 members and conforms to the German Co-determination Act. Half of the overall 20 members of the Supervisory Board are shareholder representatives. In accordance with Article 11(1) of the Articles of Association, the State of Lower Saxony is entitled to appoint two of these shareholder representatives for as long as it directly or indirectly holds at least 15% of the Company’s ordinary shares. The remaining shareholder representatives on the Supervisory Board are elected by the Annual General Meeting. The other half of the Supervisory Board consists of employee representatives elected by the employees in accordance with the Mitbestimmungsgesetz (German Codetermination Act). A total of seven of these employee representatives are Company employees elected by the workforce; the other three employee representatives are representatives of the trade unions elected by the workforce. The Supervisory Board held a total of eight meetings in fiscal year 2015. The average attendance ratio was 95%; no member of the Supervisory Board took part in fewer than half of the meetings.