57 Events after the reporting period
52 Management report on internal control
over financial reporting
53 Approval of the Supervisory Board
Inhoudsopgave Voorwoord Bestuursverslag Corporate governance
Consolidated Financial Statements Company Financial Statements Pillar 3
In January 2017, Rabobank announced the offering of newly
issued Rabobank Certificates.The nominal issued amount was
EUR 1.5 billion. Rabobank issued 60 million new Rabobank
Certificates; each of these newly issued Certificate was priced at
108% of the nominal value of EUR 25. After the issuance, a total
nominal amount of approximately EUR 7.4 billion in Rabobank
Certificates was outstanding.
The management of Rabobank is responsible for establishing
and maintaining adequate internal control over financial
reporting. Management is also responsible for the preparation
and fair presentation of the consolidated financial statements.
Rabobank's internal control over financial reporting is a process
designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation and fair
presentation of financial statements for external purposes in
accordance with International Financial Reporting Standards as
adopted by the European Union.
All internal control systems, no matter how well designed, have
inherent limitations. Due to the inherent limitations, internal
control over financial reporting may not prevent or detect
misstatements. At the same time, future projections on the
basis of any evaluation of the effectiveness of internal control
are subject to the risk that the control measures may become
inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.
The management has assessed the effectiveness of the
internal control over financial reporting in Rabobank as of
31 December 2016 based on the framework set out in 2013 by
the Committee of Sponsoring Organisations of theTreadway
Commission (COSO), as defined in Internal Control - Integrated
Framework. On the basis of that assessment, management
concluded that, as of 31 December 2016, the internal controls
on the internal financial reporting in Rabobank provide
a reasonable measure of certainty based on the criteria
established by COSO.
PricewaterhouseCoopers Accountants N.V., which has
audited the consolidated financial statements of Rabobank
for the financial year ended 31 December 2016, also
examined management's assessment of the effectiveness
of the internal control over financial reporting in Rabobank.
The report of PricewaterhouseCoopers Accountants N.V.
is included on page 245.
W. Draijer B.C. Brouwers
Utrecht, 8 March 2017
The publication of these financial statements was approved
by the Supervisory Board on 8 March 2017.The financial
statements will be presented to the General Meeting, to be held
on 19 April 2017, for adoption. With regard to the adoption of
the financial statements of Rabobank, the Articles of Association
state: 'The resolution to adopt the financial statements will be
passed by an absolute majority of the votes validly cast by the
General Members'Council'.
On behalf of the Executive Board
W. Draijer, Chairman
B.C. Brouwers, CFO
R.J. Dekker, COO
P.C. van Hoeken, CRO
B.J. Marttin, Member
H. Nagel, Member
J.L. van Nieuwenhuizen, Member
On behalf of the Supervisory Board
R.Teerlink, Chairman
M. Trompetter, Vice Chairman
I.P. Asscher-Vonk, Secretary
L.N. Degle
S.L.J. Graafsma
A.A.J.M. Kamp
J.J. Nooitgedagt
P.H.M. Hofsté
P.H.J.M.Visée
244 Rabobank Jaarverslag 2016
