Contents Management report Corporate governance Consolidated financial statements Financial statements Pillar 3
internal accountants without the presence of the Executive
Board. Recommendations were also put forward for improving
management reporting.
Some representatives on the Audit Committee were in
a temporary committee which, within the scope of mandatory
rotation, was responsible for the preparation of the selection
procedure for the new external accountant. After going
through a thorough and precise selection procedure, the
General Meeting, in conformance with the proposal from
the Supervisory Board, appointed PricewaterhouseCoopers
Accountants N.V. (PwC) as the external accountant of Rabobank
for a period of four years for the book years 2016 up to and
including 2019.
The Supervisory Board is of the opinion that the internal auditor,
Audit Rabobank, has sufficient resources at its disposal to
adequately perform its duties.
Members:
Leo Graafsma, Chairman
Leo Degle, Vice Chairman
Irene Asscher-Vonk
Henk van Dalen, Chairman (temporarily stepped down on
6 November 2015)
Wout Dekker
Erik van de Merwe
Ron Teerlink (ad interim as of 6 November2015 to replace
Mr Van Dalen)
Marjan Trompetter (as of23 September2015)
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
of the product approval process and the risks relating to the
remuneration structure of Rabobank Group.The Risk Committee
also discusses the financing structure, the policy on capital
adequacy and capital allocation, and the liquidity and funding
in the short and long terms in light of corporate strategy and
the defined risk policy.
In 2015, the Risk Committee considered all the aforementioned
themes. The Risk Committee studied periodic reports regarding
integrated risk, as well as reports about specific risks like
credit risk, market risk, model risk, operational risk and interest
rate scenarios. At the request of the Risk Committee, special
attention was paid to several markets and sectors. In addition,
the Risk Committee concentrated on the situation in the
financial markets and the development of the rating, the
Capital Management Framework, Internal Capital Adequacy
Assessment Process (ICAAP) and Internal Liquidity Adequacy
Assessment Process (ILAAP).The Risk Committee advised
favourably on the Funding and Capital Mandate 2016.The Risk
Committee carried out preparatory work on behalf of the
Supervisory Board with regard to the approval of the adapted
Group Risk Appetite Statement and also discussed the top risks
Rabobank faces.
The Risk Committee, or the complete Supervisory Board, was
frequently informed about the progress of the 'Data Quality'
project. Finally, the Risk Committee also focused its attention
on, among other things, the functioning of the Regulatory
Oversight Committee in the USA, the result of some on-site
assessments by the ECB/DNB and the recovery and resolution
plans of Rabobank.
Members:
Erik van de Merwe, Chairman
Leo Degle, Vice Chairman
Wout Dekker
Leo Graafsma
Ron Teerlink
Cees Veerman (until 7March 2015)
Cooperative Issues Committee
The Cooperative Issues Committee (CIC) helps the Supervisory
Board prepare for its decision making in relation to the
Executive Board's policy plans for cooperative affairs affecting
Rabobank.The CIC also makes preparations forthe Supervisory
Board's discussion of policy documents involving corporate
social responsibility (CSR).
In 2015, the CIC talked in-depth on various occasions about
themes linked to the new cooperative governance structure
and the Strategic Framework 2016-2020, such as Banking for
the Netherlands, Banking for Food and strengthening the
meaningful cooperative.The CIC also discussed the paragraphs
on sustainability in various reports and from the Annual Report.
Attention was also paid to the activities of Rabo Development
and the Rabobank Foundation. Additional discussions also
took place on diversity, improvements to the management
of client feedback, the rules for reporting internal complaints
and 'Values Week', during which the Supervisory Board signed
a complementary declaration to the banker's oath within the
framework of the introduction of disciplinary rules.
166 Rabobank Annual Report 2015
