2) 'Rabobank Vision 2005+' 3) Evaluation of local management model 4)Budget 2004 5) Changes to AGRB and financing matters 8 Rabobank Group Annual Report 2003 This project, too, has the Supervisory Board's special attention.The project made good progress in 2003. In the second half of the year, the Central Delegates Assembly gave a positive opinion on the project's recommendations. Meanwhile much work on the implementation of the recommendations is being carried out all over the country under the leadership of the management of the twenty Delegates'Assemblies. The Supervisory Board emphasised at an early stage the need for a high degree of care as to both the content and the process.Given the quality of the implementation and the organised involvement of all the member banks in the consultations, the Supervisory Board believes that the necessary care has been taken. In connection with this issue, the Supervisory Board regularly advised the Executive Board as regards both content and process. This project was likewise monitored intensively by the Supervisory Board, with the Co-operative Issues Committee (CIC) taking the lead.This committee dealt at great length with the outcome of the internal survey on the effectiveness of the existing management model at a local level. During the further implementation, the CIC consistently advocated the need for a proper balance between the three pillars of co-operative corporate governance: effective management, independent supervision and appropriate member control.These pillars must be assured, whatever the model.The members of the Supervisory Board not only worked to identify these important standards but also closely monitored the management activities relating to the progress of this project. In compliance with the Articles of Association, the Supervisory Board discussed and approved the budget for 2004.The Audit Committee carried out important preparatory work. In this context, the members of the Supervisory Board were strongly in favour of the proposal for a thorough review of the desired and necessary activities of Rabobank Nederland, among other things. With the increasing professionalism of the member banks, enabling them to better organise various kinds of functions independently, their need of support from Rabobank Nederland is set to change. The Supervisory Board has extensively deliberated on the changes to the General Approval Arrangement for Businesses (AGRB), which describes the framework within which the member banks can grant loans independently. In addition, the Audit Committee obtained advice periodically on selected large credit items in the context of risk management. Launching the -Q Generation mortgage. Rabobank opens the first Service Shop. o o r\i o o r\i

Rabobank Bronnenarchief

Annual Reports Rabobank | 2003 | | pagina 12