Report and Recommendations of the
Board of Directors
6
To Stockholders On the basis of the supervision exercised by us and supported by the unqua
lified opinion of the auditors, Van Dien Co.we have approved the
financial statements for 1987 drawn up by the executive board, as indicated
by our joint signature appended thereto. These financial statements include
the consolidated statements and the company balance sheet and income
statement of Friesch-Groningsche Hypotheekbank N. V. as presented on
page 17 et seqq. of this annual report. We recommend that you adopt the
financial statements as presented in this annual report.
After the annual general meeting of stockholders held on June 25, 1987,
Messrs. A.G. van den Bos, president, andJ.C. Smit, former president,
retired as members of the board of directors. We would once again like to
express our gratitude to both gentlemen for their energies on behalf of the
company and for the wisdom and expertise with which they served it.
The presidency of our board has been taken over from Mr. Van den Bos by
Mr. F.A.A. Stapels.
Also appointed a member of the Board of Directors at the aforementioned
meeting was Mr. J.J. Kaptein, who for a limited period acts as delegate
member.
In our previous report we already mentioned the retirement from the board
of directors of Messrs. C.J.M. Scholtes and H. W. Unger per February 27,
1987.
On September 1, 1987, Mr. A.C. van Uchelen retired from the executive
board for health reasons. We thank him for his dedication throughout his 25
years with the company. As per the same date, Messrs. R.J. Kahlmann and
J.B.M. Streppel were appointed to the executive board, so the board is at full
strength again.
During the year under review, the board of directors met on seven occasions.
In addition, there was frequent contact with the executive board involving
some constructive meetings with the purpose of achieving solutions to the
often complex problems arising in connection with the reconstruction of
FGH and the associated drastic measures of an organizational and reorganiza-
tional nature.
We are greatly appreciative for the hard work on the part of the executive
board and the staff and the critical but positive attitude adopted by the staff
council. It is our belief that the company is now once again on the right
track and can now continue to build a sound future!
Utrecht, March 18, 1988
Board of Directors
F.A.A. Stapels, Chairman
