succession planning for the Executive Board and the layers directly below it. Therefore the
assessments that were carried out of the top management of Rabobank Group at the end of
2013 were also discussed in this session. In the second session, the Supervisory Board received
information on the culture programme of Rabobank. The structure of the culture programme,
the results of the culture surveys within Rabobank, the phasing and contents of the culture
programme and the interconnections between the culture programme and other ongoing
programmes were discussed in depth.The third education session focused in detail on the
topic of capital policy, the impact of CRD IV and Basel III and the introduction of the Single
Supervisory Mechanism. This was followed by a continuing professional education session on
the topic of reward. Its aim was to provide a framework of terms with which current and future
issues in the area of remuneration policy can be approached. The final session of 2014
concerned innovation in the financial industry. The aim of the programme was to gain an
understanding of innovations in the financial domain and of the impact they have on banking.
Rabobank's approach to innovation was also considered. As part of the continuing professional
education of members of the Executive Board, a meeting was held at the start of June 2014 on
the topic of ethics. The Supervisory Board received a standing invitation for this session. The aim
of this educational programme was to provide a context and a framework of terms with which
ethical issues can be approached.
As part of their continuing professional education, the members of the Audit Committee
received information in 2014 on capita selecta of compliance topics. The options for monitoring
customer conduct in (compliance) risk management, anti-corruption and privacy legislation
were discussed. At the end of June 2014, the Risk Committee discussed developments in the
real estate sector in the Netherlands, France and Germany, the question of how to contribute to
eradicating malpractices in the real estate sector and the valuation of the commercial real
estate portfolio in the light of the AQR.
Members:
S.L.J. Graafsma, Chairman
L.N. Degle, Deputy Chairman
C.H. van Dalen
W. Dekker
E.A.J, van de Merwe
A.J.A.M. Vermeer (until 19 June 2014)
Committees of the Supervisory Board
Audit Committee
This Committee helps the Supervisory Board prepare for its decision-making in relation to its
supervision of the Executive Board on matters that are part mainly of the compliance function,
the internal audit function and the external auditor: the internal risk management and control
systems, the internal and external codes of conduct, the provision of financial information and
compliance with and follow-up of recommendations and findings of the internal auditor and
the external auditor, as well as compliance with legislation and regulations.The Audit
Committee considered topics such as the annual report and financial statements for 2013 and
the interim report 2014, including the half-yearly memorandum on the allowance for loan
losses, the audit report, the financial statements, the annual and interim reports, the periodic 'in
control'-update, the (progress report) management letter, the management response and the
Pillar 3 report. Other documents considered by the Audit Committee were the periodic
memorandum on the course of affairs, the half-yearly progress report on assigned compliance
duties, the quarterly reports and various audit reports of Audit Rabobank Group, as well as the
annual plan and the half-year reports of the Supervisory Directorate. In addition, the Audit
Committee regularly received information on topics such as client centricity, customer integrity,
privacy, logical access control and information security, SEPA and various compliance themes
and supervision files. The Audit Committee also approved the revised Compliance Charter
Rabobank Group. In addition, the Audit Committee periodically received information on the
progress of the project State of the Art in Compliance.
128 Annual Report 2014 Rabobank Group
