In 2008, Rabobank Group expanded its interest in the Polish Bank BGZ to a majority interest and the sale
of security trading services provider Alex was completed. Late in 2008, a collaboration agreement was
signed with Rothschild for world-wide advisory services on mergers, acquisitions and equity participations
in the foodstuff and agricultural sectors. In the area of insurance, the integration of Interpolis into Eureko
was completed, while health insurance policies were added to the insurance product range offered by
local Rabobanks.
The Supervisory Board gives its full attention to monitoring the consistency and decision-making
concerning intended equity investments, acquisitions or divestments and their consequences for the
financial ratios.
Corporate social responsibility
The Supervisory Board is pleased to see that corporate social responsibility was embedded further in
internal lending procedures in 2008. Sector policy documents on vulnerable sectors such as soy and
palm oil and advice from the internal Ethics Committee offer new guiding principles for the future.
During the year under review, the Cooperative Issues Committee reviewed, in an advisory quality,
various CSR related themes and discussed these with the Executive Board.
Articles of Association and regulations
On 19 June 2008, the General Meeting of Rabobank Nederland resolved to amend the Articles of
Association of Rabobank Nederland, to increase Rabobank Nederland's share capital through the issue of
new shares, to amend the regulations for the Central Delegates Assembly and to amend the regulations
for the Regional Delegates Assemblies. The amendments to the Articles of Association and the increase in
share capital through the issue of new shares resulted from an internal committee's report. They relate to
the modernisation of the financial relationship between the local Rabobanks and Rabobank Nederland
and an adjustment to internal regulations.This also increases internal transparency.
Strong performance
Inevitably, the global financial crisis is leaving its marks on Rabobank Group and Rabobank International
in particular. Fundamentally however, Rabobank Group is continuing its strong performance and this
holds for both the local Rabobanks and the Group entities. Their positions in the private and the
corporate markets were indeed strengthened. Nevertheless, cost levels at Rabobank Nederland and the
local Rabobanks remain a matter of constant attention, as does the significance of amounts due to
customers as a key source of financing.
The Supervisory Board concluded to its great satisfaction that the cooperative organisational structure
fully proved its strength in 2008. Rabobank has shown itself to be less vulnerable than many listed banks.
Also, the international cooperative network of banks came into action. Seven European cooperative
banks are committing themselves to getting the interbank lending market up and running again.
The Supervisory Board is satisfied with the general course of affairs and with the way in which the
Executive Board has coped with the effects of the global financial crisis. The Supervisory Board wishes to
thank both management and staff for the commitment and professionalism they have demonstrated.
Utrecht, 4 March 2009
Supervisory Board
87
Control aspects
