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Membership
Committees
Working methods
Dutch corporate governance code
Hifiml a W
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6 Rabobank Group Annual Report 2003
Report of the
Supervisory Board of
Rabobank Nederland
On account of her appointment as a Cabinet Minister in May 2003,
Ms S.M. Dekker resigned as a member of the Supervisory Board of
Rabobank Nederland. At the General Meeting of Shareholders on
5 June 2003, Mr M. Minderhoud, Mr J.A.A.M. van Rossum and Mr A.J.A.M.
Vermeer were reappointed as members of the Supervisory Board.
In December 2003, the Supervisory Board announced that Mr W.F.
Duisenberg would be nominated, as a new member of the Supervisory
Board at the General Meeting to be held in June 2004. In preparation for
his formal appointment, Mr Duisenberg will be involved in the activities
of the Supervisory Board as from 1 April 2004.
The Supervisory Board has four committees, which have been established
for a proper performance of its duties and responsibilities. Besides
permanent members, two of these committees also have a number of
rotating members.The aim of this arrangement is to achieve the full
involvement of the entire Board in the various aspects of the supervisory
role.The composition of these committees as at 1 January 2004 is as
follows (see table on page 7).
To support it in the proper performance of its duties, the Supervisory
Board regularly holds special meetings, at which it is extensively informed
on a wide range of banking and non-banking issues.This broadens the
level of knowledge of the Board's members and provides them with a
better understanding of the elements that are essential to the
management of Rabobank Nederland and to the supervision thereof
In this context, specific attention was given during the year under
review to the activities regarding structured finance, mortgage loans
and financing/treasury.
The Chairman of the Supervisory Board has monthly contact with the
Chairman of the Executive Board and holds monthly consultations with
the internal auditor. In addition, the Chairman of the Supervisory Board,
the Chairman of the Audit Committee, the external auditor and the
internal auditor meet at least twice a year.
Although the Dutch corporate governance code does not formally
apply to Rabobank, it contains a number of elements that in the view of
the Supervisory Board could benefit the formulation and functioning of
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