European Works Council
Rabobank has instituted a European Works Council, which represents the employees of
Rabobank International and of Rabobank Group subsidiaries in the European Union.
The European Works Council is informed of, and consulted on, employee representation
issues impacting employees of Rabobank Group as a whole or issues involving at least two
EU Member States.
Financial reporting controls
Rabobank Group constantly seeks to improve its corporate governance and overall internal
controls, with the aims of achieving an open, transparent culture of accountability in respect of
policies and supervision, and keeping pace with leading international standards.
In this context, Rabobank Group has voluntarily implemented internal financial reporting
controls in a manner that is similar to how US-registered companies tend to apply Sarbanes-
Oxley 404. Rabobank Group is under no obligation to do this, since it is not registered with the
US Securities and Exchange Commission (SEC) and is therefore not subject to the related
regulations and supervision.
Rabobank Group believes that internal financial reporting controls increase the effectiveness of
such reporting and offer opportunities to identify and rectify any weaknesses at an earlier stage.
This ensures Rabobank Group's high-quality financial reporting.
Internal controls
Rabobank Group uses internal controls to provide reasonable assurance that:
transactions are recorded as necessary to permit the preparation of financial statements in
accordance with International Financial Reporting Standards as endorsed by the European
Union, and that income and expenditures are recognised only if approved by the
management;
any unauthorised acquisition, use or disposal of assets that could have a material effect on
the financial statements is prevented or detected.
Rabobank Group's internal control framework is based on the framework developed by the
Committee of Sponsoring Organizations of theTreadway Commission (COSO). As set out in the
Executive Board Responsibility Statement, the Executive Board has concluded that the internal
risk management and control systems are adequate and effective, and provide reasonable
assurance that the financial reporting is free of material misstatement.
Annual Report 2013 Rabobank Group
