About this Chairman's Corporate Consolidated Financial Company Financial
Report Foreword Management Report Appendices Governance Statements Statements
Audit Committee of the Supervisory Board
Summary Supervisory Board Meetings Audit Committee
General Responsibilities and Duties
The responsibilities and duties of the Audit Committee are described in the Rules of Procedure of the Audit Committee of Rabobank's Supervisory Board. In 2018 the Rules
of Procedure were amended to become compliant with - amongst others - the 'EBA rules on internal governance'. The revised version can be accessed via
www.rabobank.com.The Audit Committee prepares the Supervisory Board's decision-making on all matters regarding the integrity and quality of Rabobank's Group's
financial reporting, the effectiveness of Rabobank Group's internal control systems framework, the external independent auditor, Rabobank Group's internal audit function
and Rabobank Group's compliance function.
The Audit Committee also reviews third-party opinions on the design and effectiveness the overall internal control framework, including the risk management framework,
The Audit Committee monitors (i) the external reporting process, (ii) the adequacy and effectiveness of the internal control systems framework, processes and mechanisms,
including the internal risk management framework, (iii) the system of internal auditing, (iv) the statutory audit of the annual accounts and the consolidated financial
statements and the review of the half-year interim financial statements in particular taking into account any findings and conclusions of the Autoriteit Financiële Markten
pursuant to the quality assurance reviews on the external audit firm and also the integrity and quality of the financial reporting; and (v) the establishment of accounting
The Audit Committee supervises the existence, integrity, independence and effectiveness of regulations pursuant to which bank staff (a) may confidentially raise concerns
about possible improprieties in matters of financial reporting and (b) are able to report internally about potential or actual infringements of the provisions of the Capital
Requirements Regulation or the Financial Supervision Act. Finally, the Audit Committee has specific responsibilities and duties relating to the internal audit function, the
external independent auditor and the compliance function.
Members on December 31,2018
Petri Hofsté, chair since May 16,2018 (100%)
Jan Nooitgedagt (86%)
Ron Teerlink (as of September 1,2018) (100%)
Pascal Visée (as of September 1,2018 (100%)
As on September 12018, the composition of the Audit Committee changed. Ron
Teerlink and Pascal Visée were appointed as new members instead of Arian Kamp
and Marjan Trompetter. Leo Graafsma was chair of the Audit Committee until April
18,2018 - the date that he officially resigned as a member of the Supervisory Board.
Other Attendees Throughout the Year
Wiebe Draijer, Bas Brouwers, Petra van Floeken
Chief Audit Executive, Rudi Kleijwegt
Deputy Chief Audit Executive, Dick Duit (until 1 September 201E
Chief Compliance Officer, Angelique Keijsers
External independent auditor of PwC, Roger van Adrichem
Other frequent attendees on relevant topics:
Other members of the Managing Board
The other members of the Supervisory Board have a standing invitation to attend
the meeting of the Audit Committee.
During 2018, the Audit Committee convened six times, of which two meetings were attended by almost all other members of the Supervisory Board: the meeting on
the 2017 full year figures and the meeting on the 2018 half year figures.
During the Audit Committee meeting in May 2018, representatives of the JST attended as observers the meeting.
Two working sessions were held in 2018 for the members of the Audit Committee: one on COREP and the other on the preparation of the 2019 budget.
Four sessions on continuing professional education were held with the members of the Supervisory Board's Risk Committee (see overview in Risk Committee's
Regular Topics of Discussion
Performance Report (via Group Control)
General update on financial markets
Annual Report (figures and report)
Interim Report (figures and report)
Rabobank's Internal Control reports
Board Reports external auditor
Auditors Report (external auditor)
Report in the context of article 26 CRR
Compliance Year Plan
(Internal) Audit Global Year Plan
Special attention was paid to the project for the implementation of IFRS 9, the developments on the BSA/ AML Program for the New York office, USA, the amendment on
the Audit Committee Rules of Procedure, the (self-)assessment of the process of drawing up the annual report, the self-assessment of the Compliance and Risk Management
functions and the evaluation report of the (internal) Audit function.
Engagement Letter external auditor
Half year report Compliance
Quarterly reports (internal) Audit
Loan Impairment Report
External Auditor's Plan
External Auditor's IT Plan
Review Compliance Charter
High level benchmark comparing Rabobank to its peers
Rabobank Group Budget for coming year
Liaison Officers and Stakeholder Relations
The Supervisory Board regularly meets with the bank's prudential
supervisors, particularly the European Central Bankandthe Dutch
Central Bank (the Joint Supervisory Team for Rabobank). In these
meetings, the Supervisory Board's role and perspective on the
bank's strategy, governance, performance and risk management
are the focus of constructive discussions.
Annual Report 2018 - Corporate Governance