The Board has established two committees from amongst its members, the Audit Committee and the Remuneration, Appointment and Selection Committee. The establishment of these committees does not in any way derogate from the responsibilities of the Board.
The Board has elected two of its members to form the Audit Committee: Mr. Van den Bos (Chairman) and Mr. Sheldon. The Audit Committee is subject to the Audit Committee Regulations, which form part of the Board Regulations. The Audit Committee has the general task of evaluating and advising the Board on matters concerning the financial administrative control, financial reporting and internal and external auditing. The Audit Committee shall act as the principal contact for the external auditor in the event that the auditor discovers irregularities in the content of the financial reports.
Remuneration, Appointment and Selection Committee
The Remuneration, Appointment and Selection Committee consists of Mr. Houterman (Chairman) and Mr. Sheldon. This Committee is subject to the Remuneration, Appointment and Selection Committee Regulations which form part of the Board Regulations. The main tasks of this Committee include, amongst others, preparing a remuneration policy for the Board, to be adopted by the General Meeting of Shareholders, preparing the selection criteria and appointment procedures for the Board and periodically evaluating the scope and composition of the Board. Furthermore, the Committee among other things supervises the policy of the CEO in relation to the selection and appointment of the Executive Management.