The Group Committee supervises the management of the Group and issues the necessary directives at the Group level. These responsibilities comprise in essence  the definition of the Group organization, design of the accounting system, financial controlling, and financial planning at the Group level. The Committee is further charged with approval of the Group financial statements, preparation of the annual budget, and multi-year financial planning at the Group level. The Group Committee is not authorized to represent the Group externally; this is the responsibility of the Bank Council as governing body of the parent institute.