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REPORT OF THE SUPERVISORY BOARD
ANNUAL REPORT 2016 – BOSKALIS
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During the year under review the share buy-back program proposed
by the Board of Management to acquire its own shares in the
company was also discussed by the Supervisory Board. The
decision was taken to suspend the share buy-back program in light
of the changed market conditions for an indefinite period of time.
The Supervisory Board paid a working visit to Portsmouth in the
United Kingdom during the year under review. During this visit the
Supervisory Board familiarized itself with the activities of the
various Boskalis business units in the United Kingdom operating in
the areas of dredging and infrastructure, wind farm construction
and ordnance clearance. In the course of doing so extensive
attention was paid to the market trends and possible new projects
in the region. In addition, the Supervisory Board visited the
Portsmouth dredging project aimed at widening and deepening
the port and the entrance channel to prepare for the berthing of
two new aircraft carriers.
A number of Supervisory Board members met with the Works
Council to discuss the results, the corporate strategy, the market
developments, the fleet rationalization program and the reduction
of related workforce, the establishment of the proposed joint
venture with KOTUG and the stake in Fugro.
The Supervisory Board has three core committees – the Audit
Committee, the Remuneration Committee and the Selection and
Appointment Committee. The committees performed their tasks
as follows:
AUDIT COMMITTEE
Members of the Audit Committee
At the beginning of the year under review the Audit Committee
consisted of three members: Mr. Niggebrugge (chairman),
Mr. Van Wiechen and Mr. Van der Veer. On 10 November 2016
Mr. Van der Veer stepped down as a member of the Audit
Committee, and was succeeded by Ms. Haaijer. Mr. Niggebrugge
fulfills the role of financial expert in the Audit Committee.
Duties and responsibilities of the Audit Committee
The main duties of the Audit Committee are to advise the
Supervisory Board on:
Supervising, monitoring and advising the Board of Management
concerning the operation of the internal risk management and
control systems, including the supervision of compliance with the
relevant legislation and regulations, and supervision of the
operation of the codes of conduct.