REPORT AND RECOMMENDATIONS
OF THE BOARD OF DIRECTORS
After considering the advice of Moret Ernst
Young, register accountants, who audited and
approved the accounts prepared by the Executive
Board, the Board of Directors has approved and
signed the financial statements for the year 1990.
I These financial statements include the
consolidated annual returns, company balance sheet
and income statement of the Friesch-Groningsche
Hypotheekbank N.V. (see page 18 ff.). We
recommend that the company’s financial statements
be approved accordingly.
At the end of the stockholders’ annual
meeting on May 29, 1990, Mr F.A.A. Stapels,
Chairman of the Board of Directors announced
his resignation from the Board. We would like to
take this opportunity to thank him for his
dedicated service and counsel, and to welcome
Mr R.A.H. van der Meer as a new Board Member.
Mr. H.B. van Wijk was elected as Chairman of the
Board of Directors.
The Board of Directors has maintained close
contact with the Executive Board throughout the
reporting period and commends the efforts of both
management and staff during the year in question.
K TO THE STOCKHOLDERS
CHAIRMAN OF THE BOARD OF DIRECTORS
UTRECHT, MARCH 6, 1991
H.B. van Wijk,