Audit & Risk Committee
The Audit & Risk Committee monitors economic capital issues,
in line with Basel II guidelines. It reviews and advises on FMO's
financial position, operational risks and reporting, corporate
governance relating to financials and processes, including
compliance, internal and external control, and audit reports.
The Audit & Risk Committee comprises Bert Bruggink
(chairman), Willy Angenent, Rein Willems, Pier Vellinga and Jean
Frijns. It holds a mandate from, and reports to, the full
Supervisory Board. The former Audit Committee was converted into a
combined Audit & Risk Committee in December 2009, following the
implementation of the Banking Code.
In 2010, the Committee met three times. The external
accountants, the CR&FO and the CEO, the Director Risk
Management, the Director Audit, Compliance & Control and the
Director Finance were present at all meetings. The Committee also
met separately with the external auditors.
Key issues addressed by the Audit & Risk Committee in
2010 included: the proposal to the Supervisory Board to publish
half-year figures, the proposal to the Supervisory Board of the
risk management framework and risk appetite and the operational
plan and budget for 2011. Reports that were discussed on a regular
basis were the quarterly development and financial report, the
quarterly updates on FMO's risk profile and the progress report on
audit, compliance & control.