Report of the Supervisory Board
of Rabobank Nederland
In 2010, Rabobank managed to bring about a substantial increase in its net
profit compared to 2009 and bolster its already robust financial position
despite global economic turmoil. We again had Rabobank's unique
governance structure, with its tried and tested cooperative checks and
balances system, to thank for this.
Proposal to the General Meeting
Supervisory Board of Rabobank Nederland
www.rabobank.com/management
In accordance 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 2010 of
Rabobank Nederland and of Rabobank Group, and any annexed information. The Supervisory
Board discussed these documents with the Executive Board, the internal auditors and Ernst
Young Accountants LLP, the independent external auditors, and took note of the independent
auditor's report that Ernst Young Accountants LLP issued on the financial statements 2010.
The Supervisory Board proposes that the General Meeting of Rabobank Nederland adopt the
financial statements 2010.
Corporate governance
The three pillars of governance at Rabobank Nederland are decisive management, effective
member influence, and strong and independent supervision. The chapter 'Corporate
governance' describes the corporate governance structure at Rabobank Nederland and
the bank's compliance with the Dutch Corporate Governance Code. An extensive account of
how the provisions of the Dutch Banking Code have been and are being applied is given in
the chapter 'Banking Code'. This manifests Rabobank's compliance with these provisions for
good governance in the financial sector. The Supervisory Board agrees with what has been
described in these two chapters.
The members of the Supervisory Board have been listed in the chapter 'Management' above.
The profile for the Supervisory Board has been posted on the corporate website. The chapter
'Corporate governance' describes the duties and responsibilities of the Supervisory Board and
its role in Rabobank Nederland's governance structure. In performing its duties, the Supervisory
Board focuses on the interests of Rabobank Nederland and its affiliated entities, also making
allowance for the interests of Rabobank Nederland's stakeholders and CSR aspects that are
relevant to Rabobank.
The practices and rules of procedures for the Supervisory Board, the Audit, Compliance Risk
Committee, the Appointment Committee and the Remuneration Committee were scrutinized
in 2010 under the influence of the Banking Code, among other regulations. In addition to
existing focus on refresher courses for supervisory directors, a new continuing education
programme was launched targeting them in particular. A separate profile is written for each
vacancy on the Supervisory Board; in 2010, new profiles were drawn up as part of the
procedure for new appointments. It was decided to assign full responsibility for helping
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Annual Report 2010 Rabobank Group