Audit Committee

During the financial year, the Audit Committee was comprised of Ms De Groot (Chairman), Mr Goeminne and Mr Van der Vis. The composition of the Audit Committee is in accordance with the provisions of the Dutch Corporate Governance Code, with Ms De Groot serving as a financial expert. The Audit Committee’s duty is to advise the Supervisory Board on, and assist it in, its responsibility to monitor the company’s compliance with reporting and corporate governance requirements.

The Audit Committee convened on two occasions in the past financial year. The Committee, the Management Board and the external auditor discussed the 2013 financial statements, the 2013 annual report, the 2014 half-year results and the related management letter in detail. The Audit Committee also focused on the audit plan for 2014, compliance with previous recommendations, tax issues, liquidity and funding, and the company’s risk management and monitoring system. At the end of each meeting, the Audit Committee met with the external auditor in the absence of the Management Board.

The Audit Committee and the Management Board again established in 2014 that the company, in view of its size, complexity and system of internal controls, does not require an internal audit department.