54 Management report on internal control
over financial reporting
55 Approval of the Supervisory Board
Contents Introduction Management report Appendices Corporate governance Consolidated Financial Statements Company Financial Statements
The management of Rabobank is responsible for establishing
and maintaining adequate internal control over financial
reporting. Management is also responsible for the preparation
and fair presentation of the consolidated financial statements.
Rabobank's internal control over financial reporting is a process
designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation and fair
presentation of financial statements for external purposes in
accordance with International Financial Reporting Standards as
adopted by the European Union.
All internal control systems, no matter how well designed,
have inherent limitations. Due to the inherent limitations,
internal control over financial reporting may not prevent or
detect misstatements. At the same time, future projections
on the basis of any evaluation of the effectiveness of internal
control are subject to the risk that the control measures may
become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may
deteriorate.
The management has assessed the effectiveness of the internal
control over financial reporting in Rabobank as of 31 December
2017 based on the framework set out in 2013 by the Committee
of Sponsoring Organisations oftheTreadway Commission (COSO),
as defined in Internal Control - Integrated Framework. On the
basis of that assessment, management concluded that, as of
31 December 2017, the internal controls on the internal financial
reporting in Rabobank provide a reasonable measure of certainty
based on the criteria established by COSO.
PricewaterhouseCoopers Accountants N.V., which has audited the
consolidated financial statements of Rabobank for the financial
year ended 31 December 2017, also examined management's
assessment of the effectiveness of the internal control over
financial reporting in Rabobank.The report of Pricewaterhouse
Coopers Accountants N.V. is included on page 268.
W. Draijer B.C. Brouwers
Utrecht, 8 March 2017
The publication of these financial statements was approved
by the Supervisory Board on 8 March 2018.Thefinancial
statements will be presented to the General Meeting, to be held
on 18 April 2018, for adoption. With regard to the adoption of
the financial statements of Rabobank, the Articles of Association
state:'The resolution to adopt the financial statements will be
passed by an absolute majority of the votes validly cast by the
General Members'Council'.
On behalf of the Managing Board
Wiebe Draijer, Chairman
Bas Brouwers, CFO
Petra van Hoeken, CRO
Kirsten Konst, Member
Bart Leurs, Member
Mariëlle Lichtenberg, Member
Berry Marttin, Member
Jan van Nieuwenhuizen, Member
leko Sevinga, Member
Janine Vos, Member
On behalf of the Supervisory Board
Ron Teerlink, Chairman
Marjan Trompetter, Vice Chairman
Irene Asscher-Vonk, Secretary
Leo Degle
Leo Graafsma
Arian Kamp
Jan Nooitgedagt
Petri Hofsté
Pascal Visée
Rabobank Annual Report 2017 - Consolidated financial statements
241
