consequences for the financial ratios. In addition, the Supervisory Board discussed the strategic
collaboration between Eureko and Rabobank with the Executive Board, and a sounding board
discussion with the Executive Board was devoted to the international rural and retail strategy.
Local Rabobanks
The Supervisory Board is pleased to find that the local Rabobanks made a good start with the
implementation of the Rabobank 2010 programme in 2009. Rabobank Nederland supports
the local Rabobanks in this far-reaching exercise. In addition, the Supervisory Board addressed
the newly proposed governance model of the local Rabobanks, referred to as the Rabo model,
that has been developed by the internal Governance Models Review Committee, after careful
consultations with the local Rabobanks. The Cooperative Issues Committee performed
preparatory work for the Supervisory Board's decision-making regarding this issue. The Super
visory Board endorses the principles for this model, which aims to gradually replace both the
Executive model and the Partnership model from mid-2010. The Rabo model is based on
professional collegiate management, strong and independent supervision by the local Super
visory Boards from a fundamentally cooperative attitude, and on effective member influence,
while at the same time emphasising the link between local and central governance. The Rabo
model makes optimum use of the influencing, the advisory and the sounding board roles of the
Member Councils. Member influence is defined further by the establishment of communities
relevant to members'interests.
External Supervisory Board membership of Mr Heemskerk
The Supervisory Board agreed that Mr Heemskerk, Chairman of the Executive Board until
1 July 2009, acted, from May 2009, as Chairman of the Supervisory Board of a listed enterprise
due to illness of the Chairman of that company. Mr Heemskerk was already a member of that
company's Supervisory Board.
Membership changes in the Executive Board
At the General Meeting of 18 June 2009, the Supervisory Board took formal leave of its
Chairman, Mr Heemskerk, who retired on 1 July 2009.The Supervisory Board is most grateful
to him for his inspiring leadership of Rabobank Nederland since 2002. The Supervisory Board
appointed Mr Moerland as Chairman and Ms Silvis and Mr Marttin as members of the Executive
Board as from 1 July 2009. Also, the Supervisory Board reappointed Mr Bruggink to the
Executive Board for a four-year term.
Corporate social responsibility
The Supervisory Board is pleased to see that corporate social responsibility was embedded
further in Rabobank's service offering, one result of which is that the sustainability report and
the financial report have been integrated, starting the financial year 2009. 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.
Developments in corporate governance
The Supervisory Board had in-depth discussions with the Executive Board regarding the
advice of the Advisory Committee on the Future of Banks in the Netherlands and regarding
proposals for the implementation of the updated Dutch Corporate Governance Code and
the Banking Code.
Assessment and remuneration of the Executive Board
In 2009, the remuneration of the members and former members of the Executive Board of
Rabobank Nederland amounted to EUR 9.9 (9.0) million. This amount comprises:
In millions of euros 2009 2008
Salaries6.6 6.7
Pension charges1.3 1.1
Performance-related pay1.8 1.0
Other emoluments0.2 0.2
Total 9.9. 9.0
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Report of the Supervisory Board of Rabobank Nederland
