Boskalis_Annual_Report_2016

REPORT OF THE SUPERVISORY BOARD ANNUAL REPORT 2016 – BOSKALIS 24 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.