Report of the Supervisory Board
of Rabobank Nederland
Rabobank Group found itself in a turbulent environment in 2007, with rapid
changes, both nationally and internationally, in the banking landscape. The
credit market crisis severely tested the policies of banks and other financial
institutions the world over. In spite of challenging conditions, Rabobank Group's
net profit was up 14%, again meeting its long-term target. Clients generally were
satisfied with the bank's services, while staff satisfaction remained high.
Furthermore, Rabobank Group is making good headway in realising the
principles of its Strategic Framework.
Report to the General Meeting
Meetings of the Supervisory Board
In compliance with the relevant provisions of the Articles of Association of Rabobank
Nederland, the Supervisory Board has reviewed the annual report and the financial
statements for 2007. This review included a discussion with the external auditors Ernst
Young Accountants, and the Supervisory Board took note of Ernst Young's auditor's report
to the financial statements for 2007. Based on its findings, the Supervisory Board proposes
that the General Meeting of Rabobank Nederland adopt the financial statements for 2007.
The Supervisory Board of Rabobank Nederland supervises the policy of the Executive Board,
the general conduct of affairs at Rabobank Nederland and its affiliated entities as well as
compliance with laws and regulations. The Supervisory Board is responsible for the
appointment, dismissal and remuneration of the members of the Executive Board of
Rabobank Nederland. In addition, the Supervisory Board advises the Executive Board.
Independence and expertise
It is important that the Supervisory Board can perform its duties independently.
Any semblance of a conflict of interests must be avoided. Equally important are its expertise
and broad interest spread, the criteria for which have been defined in the profile for the
Supervisory Board. In both appointments and reappointments of members of the Supervisory
Board, these aspects are the subject of extensive review.
Appointment and reappointments
On 21 June 2007, the General Meeting resolved to reappoint Mr Minderhoud, Mr Vermeer
and Mr Walravens to the Supervisory Board and to appoint C.P. Veerman as a member of the
Supervisory Board. Following the Dutch Cabinet change in 2007, the opportunity presented
itself to engage Mr Veerman, a former Dutch Minister of Agriculture, Nature management
and Fisheries, as a Rabobank Supervisory Board member. With his network at home and abroad
and his extensive knowledge and experience, both in public administration and in academe,
Mr Veerman is a valuable addition to the Supervisory Board. Mr Van Rossum, who was also
eligible for re-appointment in 2007, decided not to stand for re-election. The Supervisory Board
is grateful for his contribution to the Board's performance over the past years.
Meetings
The Supervisory Board met seven times in 2007. Not one member was repeatedly absent
from those meetings. The Supervisory Board has five committees. The Audit Compliance
Committee met nine times, the Cooperative Issues Committee, the Appointment Committee
and the Remuneration Committee each met four times and the Appeals Committee met once.
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Rabobank Group Annual Report 2007
