46 Costs of external auditor
47 Remuneration of the Supervisory
Board and the Executive Board
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Inhoudsopgave Voorwoord Bestuursverslag Corporate governance Consolidated Financial Statements Company Financial Statements Pillar 3
In the normal course of Rabobank's business operations,
banking transactions are carried out with related parties.
These involve loans, deposits and transactions in foreign
currencies. These transactions are conducted against
commercial terms and conditions and market prices.
The volumes of related party transactions, year-end outstanding
balances and the corresponding income and expenses during
the year are presented in the following table.Transactions and
balances outstanding with members of the Executive Board and
members of the Supervisory Board are disclosed in Section 47.
Transactions with pension funds are disclosed in Section 27.
The audit fees listed above relate to the procedure applied
to Rabobank and its consolidated group entities by PwC and
other member firms in the global PwC network, including their
tax services and advisory groups. These audit fees relate to the
audit of the financial statements, regardless of whether the
work was performed during the financial year.
In 2015, the audit firm Ernst Young Accountants LLP in
the Netherlands invoiced the below amounts to Rabobank, its
subsidiaries and other companies it consolidates, within the
meaning of section 382a of Book 2 of the Dutch Civil Code.
These amounts do not include fees for financial statements
audits, other audit engagements, tax consultancy services and
other non-audit services charged by other auditors and other
Ernst Young business units
in millions of euros 2015
Financial statements audit 7
Other audit engagements 1
Other non-audit services
Total 8
The members of the Supervisory Board and the Executive
Board are listed in Section 53 of these consolidated financial
statements. Rabobank regards the members of the Executive
Board and the Supervisory Board as key management
personnel. The members of the Executive Board are among
the identified staff as disclosed in Section 39. In 2016, the
remuneration of members and former members of the
Executive Board amounted to 7.5 (2015: 6.4). The increase is
related to the expansion of the board with one extra member.
Investments in
associates
Other
related parties
in millions of euros
2016
2015
2016 2015
Loans
Outstanding at beginning of year
361
360
Provided during the year
178
9
Redeemed during the year
(88)
(8)
Other
52
Gross loans as of 31 December
503
361
Less: loan impairment allowance
(68)
(58)
Total loans as of 31 December
435
303
Deposits from banks and deposits from customers
Outstanding at beginning of the year
7,269
6,822
Received during the year
411
829
29
Repaid during the year
(576)
(382)
Other
77
Debts as of 31 December
7,181
7,269
29
Other assets
6
39
Credit guarantees and other
guarantees issued by Rabobank
70
28
Income
Net interest income
12
10
Fee and commission income
227
234
Trading income -
Other -
Total income from transactions
with related parties
239
244
Expenses
Interest expense
331
347
Fee and commission expense -
Impairments
11
25
Total expenses from transactions
with related parties
342
372
Expenses for services provided by Rabobank's independent
auditor, PricewaterhouseCoopers Accountants N.V. ('PwC')
and its member firms and/ or affiliates to Rabobank and its
subsidiaries in 2016 are specified as follows:
in millions of euros 2016
PwC Other PwC
Netherlands network firms Total
Audit fees 6.2 8.0 14.2
Audit related fees 0.5 0.1 0.6
Tax advisory fees - 0.8 0.8
Other non-audit services - 2.4 2.4
Total 6.7 11.3 18.0
239
Notes to the consolidated financial statements