Furthermore, the Audit Committee closely focused on the Asset Quality Review for commercial
real estate, the progress on several points for follow-up in the management letter, the
compliance implementation plan, progress reports on elements of Vision 2016, the half-yearly
performance report of the former Rabobank International domain, now referred to as
Wholesale, Rural Retail, and preparations for the mandatory rotation of the external auditor.
The Audit Committee has reviewed the budget application 2015 from Rabobank Nederland for
Support of local Rabobanks in relation to Vision 2016 and Mars, as part of which it focused on
cost trends, FTE reductions and the development of the programme portfolio. The Audit
Committee also discussed Rabobank Group's budget for 2015. The Audit Committee approved
the Audit Plan Rabobank Group 2015. The Audit Committee also met with the external auditor
and the internal auditor without the Executive Board being present. The internal auditor, Audit
Rabobank Group, has sufficient resources in the judgement of the Supervisory Board to
adequately perform its duties.
Members:
E.A.J, van de Merwe, Chairman
L.N. Degle, Deputy Chairman
W. Dekker
S.L.J. Graafsma
R.Teerlink
C.P. Veerman
Risk Committee
The Risk Committee helps the Supervisory Board prepare for its decision-making in relation to
its supervision of the Executive Board with regard to its risk policy, risk management and the
associated risk profile.This includes the operation ofthe product approval process and the risks
relating to the remuneration system of Rabobank Group. The Risk Committee also discusses the
financing structure, the policy on capital adequacy and capital allocation, the liquidity and
funding in the short and long terms in the light ofthe Group strategy and the defined risk policy.
In 2014, the Risk Committee considered the risk-related documents and themes as described
above. In addition, the Risk Committee discussed the Basel III migration plan, the development
ofthe rating, the sale of Bank BGZ to BNP Paribas and the evaluation of acquisitions and
participating interests. Furthermore, it discussed the monthly results and the risk sections in the
memorandum on the course of affairs, as well as the periodic credit risk reports, and progress
on SEPA.The Risk Committee considered Rabobank's solvency management plan. There was
also a clear focus in the past year on the progress and outcomes ofthe comprehensive
assessment: the AQR and the stress test. The Risk Committee adopted the Risk Charter
Rabobank Group in 2014. The Risk Committee advised favourably on the funding mandate for
2014. The Risk Committee carried out preparatory work for the Supervisory Board for the
approval ofthe modified risk appetite statement. Lastly, the Risk Committee discussed
Rabobank's top risks in depth, partly by reference to the DNB risk analysis.
Members:
A.J.A.M. Vermeer, Chairman (until 19
June 2014)
C.P. Veerman, Deputy Chairman
(Chairman from 19 June 2014)
LP. Asscher-Vonk
W. Dekker
L.O. Fresco (until 19June2014)
R.Teerlink
A.A.J.M. Kamp (from 3 December2014)
Cooperative Affairs Committee
The Cooperative Affairs Committee (CAC) helps the Supervisory Board prepare for its decision
making in relation to the Executive Board's policy plans for cooperative affairs affecting the local
Rabobanks and Rabobank Nederland. This Committee also makes preparations for the Supervisory
Board's discussion of policy documents involving corporate social responsibility (CSR).
In 2014, the CAC discussed the renewal of cooperative governance several times. In addition, it
extensively discussed the Sustainability Strategy 2020 with the topic 'Sustainably successful
together'. The CAC also discussed Rabobank Group's new food and agri strategy, called Banking
for Food and the progress of Vision 2016. Discussions were also devoted to the design and
operation of Rabobank's Whistleblowers Regulation (in full: Rabobank Regulation for Internal
Reporting of Abuses) and to Complaints management. The CAC also discussed the passages on
sustainability in various reports and the Annual Report.
129 Report ofthe Supervisory Board of Rabobank Nederland
