Boskalis Annual Report 2020

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thereof as well as the operating activities, the developments in IFRS standards, the developments in the order book, cost control, the share price developments, and the financing and liquidity of the company. In this context, the Audit Committee reviewed and supported the terms for the refinancing of the revolving credit facility that provides the company with EUR 500 million committed bank financing until April 2025 and two options, each to extend the duration of the revolving credit facility with one year, as well as the export credit facility the company entered into providing EUR 121 million of committed bank financing until October 2032. The Audit Committee discussed with the Board of Management the internal risk management and control systems and assessed the effectiveness of the design and the operation thereof by evaluating the systems with the Board of Management, the internal and external auditor and senior management. The Audit Committee reported hereon to the Supervisory Board. Other topics of discussion included the impact of the COVID-19 situation on the financial markets, insurance matters, the company’s tax policies, tax position and relevant tax developments, the administrative organization, the provision of adequate information within the company, the relevant legislation and legal proceedings. More in particular, the Audit Committee was informed on the latest developments regarding the Dutch Export Credit Guarantee scheme, which is important for the company to acquire projects overseas. Furthermore, the new transfer pricing structure which was set up in accordance with the OECD guidelines was discussed.

Activities during 2020 The Audit Committee met on three regular occasions during 2020. In addition, a meeting was organized regarding the selection of a new external Auditor for 2022 and subsequent years. The attendance rate for the meetings of the Audit Committee was 100%. The Audit Committee met on two occasions via Microsoft Teams due to COVID-19 preventive measures and restrictions. The Committee also held regular telephone consultations outside these meetings. Like the plenary Supervisory Board, the Audit Committee paid extensive attention to the effects of the COVID-19 pandemic on the company. In particular, they discussed the liquidity and solvability of Boskalis which was ensured during the financial year by proactive measures of the Board of Management to improve the cash position as well as the working capital, including halving the capital investment budget for 2020, introducing a cost savings plan, temporarily suspending the share buyback program and proposing not to schedule a dividend proposal for the agenda of the Annual Meeting of Shareholders on 30 June 2020. The Audit Committee supported the recommendations of the Board of Management to the Supervisory Board to maintain the healthy financial position of the company in view of the uncertain market circumstances. Regular topics discussed during these meetings included: the financial statements, the (interim) financial reporting for the financial year, the results relating to large projects, the tender procedures and the project risk environment and the management

Diving support vessel Boka Atlantis

ANNUAL REPORT 2020 – BOSKALIS