FMO’s corporate governance structure is based on the premise that FMO is a long-term partnership of stakeholders who, directly or indirectly, influence or are influenced by the achievement of our objectives. Stakeholders include clients, the Dutch government, shareholders and other providers of capital, employees, NGOs and local communities in the countries where we work, as well as partners.
FMO is expected to take the interests of all stakeholders into account at all times. In governance terms, this expectation is expressed through the responsibilities and accountability of the Management Board and Supervisory Board with regards to our shareholders and other stakeholders.
In 2019, management of our bank lay with the Management Board, which consisted of the Chief Executive Officer, the Chief Risk & Finance Officer and the Chief Investment Officer. They were formally responsible for the management of our bank and were appointed by the Supervisory Board.
P.J. (Peter) van Mierlo
L.G. (Linda) Broekhuizen
F. (Fatoumata) Bouaré
Chief Executive Officer
Chief Investment Officer
Chief Risk & Finance Officer
Dutch, 1963, male
Dutch, 1968, female
Ivorian (Ivory Coast), 1966, female
Appointment in current position 2018-2022
Appointment in current position 2014-2018, 2018-2022
Appointment in current position 2017-2021
1. Member Scientific Institute CDA
1. Member of the Appeals Committee of the Foundation for Banking Ethics Enforcement and member of the Appeals Committee of DSI
No other positions.
During 2019 it was deemed necessary to turn the three-person Management Board into a 10-person Executive Committee (ExCo), which would be responsible for the day-to-day management of the company. This is in response to the growing pace of change in our markets, the growth of our organization and the need to engage more actively with a larger number of stakeholders. The ExCo was officially established on 1 January 2020 and consists of the members of the Management Board, the Director Debt, the Director Finance, Impact & Data, the Director Human Resources, the Director Impact & ESG, the Director Partnerships for Impact and the Director Stakeholders, Strategy & Knowledge Management. In 2020, the Supervisory Board will deliberate on the way the contact with the ExCo should be formalized.
FMO’s Supervisory Board supervises and advises the Management Board. New members of the Supervisory Board are appointed by the General Meeting of Shareholders on the nomination of the Supervisory Board. The Supervisory Board currently has three committees: the Audit and Risk Committee, the Selection, Appointment and Remuneration Committee, and, as of 1 July 2019, the Impact Committee, which advise and prepare decision-making. The Impact Committee allows the Supervisory Board to give more focused attention to this topic. The Committee will deal with subjects such as ESG (including human rights), impact strategy, impact measurement, (NGO) stakeholders and communication, audit, reporting and international developments regarding impact.
Appointment of both Supervisory Board and Management Board members is subject to the approval of the Dutch Central Bank, which assesses the reliability and suitability of candidates. FMO assessed the suitability of the new ExCo members and the Dutch Central Bank did not deem it necessary to make an additional assessment of its own. FMO organizes extra training where necessary and offers a Lifelong Learning Program to all members.