Supervisory board members are supposed to control and advise the executive board (the Vorstand).

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German corporate law shuns the idea of a chief executive, in favour of a Vorstand with collective responsibility.

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But he was just a part-timer on the Vorstand, attending meetings only when investment banking was on the agenda.

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The Vorstand members will not run businesses but only fulfil central functions such as operations, finance, risk and human resources.

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Mr Robertson chaired the investment bank's executive committee, which managed the day-to-day business and reported to Dresdner's Vorstand in Frankfurt.

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But, as one of four full-time members of the Vorstand responsible for Dresdner's investment-banking activities, he was also Mr Robertson's boss.

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Dresdner offered Mr Robertson a full-time seat on the Vorstand.

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