During the financial year, the Audit Committee was comprised of Ms De Groot (Chairman), Mr Goeminne and Mr van der Vis. The composition of the Audit Committee is in accordance with the provisions of the Dutch Corporate Governance Code, with Ms De Groot serving as financial expert.
The Audit Committee’s duty is to advise the Supervisory Board on, and assist it in, its responsibility to monitor the company’s compliance with reporting and corporate governance requirements.
The Audit Committee convened on two occasions in the past financial year. On both occasions, the Audit Committee met with the external auditor in the absence of the Management Board.
The Audit Committee extensively discussed the financial statements and the Report of the Management Board, and the half-year results and associated management letters including the key audit subjects with the Management Board and the external auditor, PwC Accountants N.V. The Audit Committee also focused on the audit plan for 2016, compliance with previous recommendations, tax issues, liquidity and funding, and the company’s risk management and control system.
The Audit Committee and the Management Board continued to take the view in 2016 that the company, in view of its size, complexity and system of internal controls, does not require an internal audit department. In the light of the revised Dutch Corporate Governance Code of 8 December 2016 and the growth of the company, arrangements concerning the internal audit department will be reconsidered. The Management Board will present a proposal to the Supervisory Board at the start of 2017 concerning those arrangements.