Proposals and recommendations to the Annual General Meeting
Having stated all of the above, the Supervisory Board endorses the report of the Executive Committee. We propose that the AGM adopt the 2019 Annual Accounts audited by EY Accountants LLP. In accordance with Article 6 (2) of the State-FMO Agreement of November 16, 1998 and the current dividend policy, we propose that the AGM approve the allocation of €118 million (2018: €147 million) to the contractual reserve. The remaining amount of €2.7 million (2018: €3.6 million) is the distributable component of profits. We recommend that the AGM adopt our proposal to pay a cash dividend of €6.77 (2018: €8.92) per share. This proposal for dividend distribution can be withdrawn if FMO’s economical and financial conditions deteriorate significantly in the period up to the moment of distribution of the dividend. This reservation is the result of the recommendation of the European Central Bank on December 28, 2017 and adopted by the Dutch Central Bank.
The Supervisory Board will nominate three new Supervisory Board candidates for appointment, as a replacement of Pier Vellinga and Alexandra Schaapveld, who will be leaving us, and to fill the vacancy which arose when Farah Karimi became member of the Dutch Senate.
We trust that the AGM will also discharge the Management Board for its management of FMO and the Supervisory Board for its supervision during the reporting year.