Supervisory Board activities
FMO's Supervisory Board and its committees work through
regular, pre-scheduled meetings, and on an ad hoc basis throughout
the year.
A transparent formal reporting structure is in place, and
Supervisory Board members are frequently in contact with the
Management Board so they remain fully informed and can provide
advice at all times. The Supervisory Board Chairman meets the CEO
informally once a month. With the exception of evaluations and
appraisals, the full Management Board meets the full Supervisory
Board at all pre-scheduled meetings. Absenteeism has been
negligible. Only Jean Frijns was not able to attend the December
meeting.
The Supervisory Board held four regular meetings and two
strategic sessions in 2010. During the four regular meetings,
important issues addressed included:
- the transfer of the NIO subsidiary to the Dutch State in
November 2010;
- approval of publication of half year figures
- approval of the risk management framework and risk
appetite, as required by the Banking Code;
- the 2009 self-evaluation of the Supervisory Board, the
sub-committees and individual members, under independent guidance
of an external advisor;
- the five-yearly evaluation of the agreement between the
Dutch State and FMO of November 16, 1998;
- the results of the biennial employee satisfaction
survey;
- operational plan and budget for 2011;
- progress report on audit, compliance and
control;
- quarterly updates on FMO's risk profile, including but
not limited to subjects such as: capital adequacy, interest rate
sensitivity, dollar exposure, country exposures and limits, funding
& liquidity and operational risk management;
- quarterly development and financial report, including but
not limited to subjects such as business development and portfolio
quality; and
- other topics that are addressed as standard on a yearly
basis.
The subjects of the strategic sessions were energy
strategy & implementation and measuring and implementing
sustainability at the April session, and "FMO beyond 2012" at the
October session.
As required by the Banking Code, which came into effect on
January 1, 2010, all members of the Supervisory Board and all
members of the Management Board have made a good start to a formal
program of lifelong learning. The Supervisory and Management Board
members have, for example, broadened their general knowledge of the
International Financial Reporting Standards (IFRS) and more
specifically on the impact these standards will have on FMO and
FMO's balance sheet.