Our corporate governance model is based on constructive and transparent cooperation between our shareholders, our Supervisory Board with its four subcommittees, and our Managing Board. This cooperation is laid down in a governance framework of charters, with clear guidelines for the assignment of duties and responsibilities in the fields of financial reporting, risk management, compliance, corporate governance, corporate social responsibility and remuneration policy. Our corporate governance controls were revised at the end of 2009 to reflect the Dutch Corporate Governance Code as updated per 1 January 2009 and the Dutch Banking Code which was published in September 2009 and came into force on 1 January 2010. See Policy & Regulations for more information.
NIBC has a two-tier board structure consisting of the Managing Board and the Supervisory Board. Our two-tier board ensures we have the proper checks and balances in place within the organisation. The Managing Board is responsible for the day-to-day management of the business and the strategy. The Supervisory Board is responsible for the supervision on the policy of the Managing Board and advising the Managing Board.