Report and recommendations
of the Supervisory Board
TO THE SHAREHOLDERS
The Supervisory Board has examined the report of the
Managing Board and the financial statements for 2002, and
approved them in accordance with the articles of association.
These financial statements incorporate the consolidated
financial statements, the company balance sheet and income
statement. The Supervisory Board has considered the
unqualified audit report issued hy KPMG Accountants N.V.
We recommend that the financial statements presented in
this annual report be adopted accordingly.
The Supervisory Board met four times in the financial year
2002. In addition, the Supervisory Board kept in touch with
business strategy and developments at FGH Bank N.V. via
discussions and written reports. Subjects discussed in depth
were strategy, major loan and investment transactions, the
risk and risk-provisioning strategy, developments on the
money and capital markets, the Regulation on Organisation
and Control, and matters concerning staff. Topics relating to
the provision of information were also thoroughly discussed.
During the extraordinary meeting of shareholders on
21 February 2002, Mr G. Funke was appointed a member of
the Supervisory Board. The existing members of the
Supervisory Board are delighted to be joined by such a highly
regarded and experienced colleague.
On 31 December 2002, Mr C. Nolting stepped down from
the board on account of the termination of his employment
with HVB Group. We would like to express our sincere
thanks to Mr Nolting for the commitment and dedication
he has shown in his just over four years of service as a
member of the Supervisory Board of FGH Bank.
On 8 May 2002, Mr H. Copier resigned from the Managing
Board of FGH Bank and his roles have been taken over by the
two existing members of the Managing Board. We are very
grateful to Mr Copier for the commitment that he has shown
during his more than 23 years of service with FGH Bank.
The trends in the balance sheet, financial position and
profits for the year give cause for satisfaction, including in
the light of market developments. The trend in the business
cycle, which has also affected the real estate market, means
that particular attention needs to be paid to the risks
inherent in real estate finance in 2003.
At this point we would like to express our sincere
appreciation for the valuable contribution made by the
Managing Board and the staff during the last financial year,
and for the results achieved.
Utrecht, 20 February 2003
The Supervisory Board
E. Eisele, chairman
L.C. Brinkman
G. Funke
J.B.M. Streppel
