20 Related parties

FMO considers the Dutch State, subsidiaries, associated companies, members of the the Executive Committee (ExCo) including the Management Board (MB) and Supervisory Board (SB) as related parties. As per January 1, 2020 FMO has created an ExCo, consisting of the three Management Board members and seven members of senior management to assist in daily management of FMO. 

In July, reflecting on the first period at FMO, the ExCo concluded that it has not been successful in effectively connecting with the broader leadership group in the organization, and announced its intention to discontinue the ExCo per August 1, 2020. A new governance structure is expected to be finalized before the end of this year. In the interim, decision-making will remain with the Management Board.

During the Annual General Meeting (AGM) on April 23, 2020 ,three new members of the Supervisory Board were appointed to replace Pier Vellinga and Alexandra Schaapveld, who both stepped down after the AGM as their term as SB members ended and to fill the vacancy following Farah Karimi’s departure in light of her new position as a member of the Dutch Senate in 2019. The three new Supervisory Board members are: Dugald Agble, Reintje van Haeringen and Marjolein Demmers. 

Thessa Menssen and Dirk Jan van den Berg, both current members of the Supervisory Board, were reappointed for a second term of 4 years. Dirk Jan van den Berg will take on the Chair duties ad interim until a permanent Chairperson has been elected.

On June 11, 2020, Peter van Mierlo announced that he would step down as FMO's CEO. The Supervisory Board has asked him to stay on for another three months in an advisory role to the Management Board.

In the first half of 2020 no loans or investments were transferred from the State Funds to FMO.