Boskalis_Annual_Report_2016

REPORT OF THE SUPERVISORY BOARD ANNUAL REPORT 2016 – BOSKALIS 22

REPORT OF THE SUPERVISORY BOARD

The Supervisory Board wishes to thank all employees and the Board of Management of Boskalis for the great efforts they have shown in 2016, especially considering the current market conditions.

In accordance with Article 26 of the Articles of Association of Royal Boskalis Westminster N.V., the Supervisory Board presents the 2016 annual report to the Annual General Meeting of Shareholders. The annual report, including the report of the Board of Management, the statement of directors’ responsibilities and the financial statements, was drawn up by the Board of Management. The financial statements are accompanied by the report of the company’s external auditor Ernst & Young Accountants LLP, which is included on pages 132 to 136 of this report. We recommend the following to the Annual General Meeting of Shareholders: ‚ The adoption of the financial statements, including the appropriation of profit or loss. ‚ The discharge of the members of the Board of Management in respect of their management activities during 2016. ‚ The discharge of the members of the Supervisory Board for their supervision of management during 2016. ‚ The distribution to shareholders of a dividend of EUR 1.00 per ordinary share to be paid in ordinary shares, unless the shareholder opts to receive a cash dividend. COMPOSITION OF THE BOARD OF MANAGEMENT The Board of Management consisted of four members at the start of the 2016 reporting year. On 10 May 2016 Mr. Verhoeven has resigned his function as member of the Board of Management due to retirement. From that date onwards the Board of Management consists of three members. No further changes to the composition of the Board of Management occurred during the year under review. COMPOSITION OF THE SUPERVISORY BOARD At the start of 2016 the Supervisory Board consisted of six members. At the Extraordinary General Meeting of Shareholders on 10 November 2016, the Extraordinary General Meeting of Shareholders considered the appointment of Ms. I. Haaijer on the recommendation of the Supervisory Board. Supported by the Works Council, the Extraordinary General Meeting of Shareholders appointed Ms. Haaijer as member of the Supervisory Board for a period of four years. No further changes to the composition of the Supervisory Board occurred during the year under review. As from 10 November 2016 the Supervisory Board consists of seven members.