2005 Annual Report - SBM Offshore

FPSO Capixaba at the outfitting quay in Singapore
Meetings of the Supervisory Board
In 2005 the Supervisory Board met for five regular meetings
in Schiedam and for one meeting in Houston focused upon
strategic and technical issues. In 2005 all of the members of
the Supervisory Board attended each meeting. The members
of the Board of Management also attended all the meetings.
Each regular meeting began with a session without the
presence of the Board of Management, during which various
subjects including the performance of the Supervisory Board
and its members, and the performance of the Board of
Management and its members were discussed. The external
auditor attended the meeting in which the Financial
Statements were discussed, and informed the Supervisory
Board that there were no specific issues that had not been
addressed in its regular report.
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Composition of the Supervisory Board
The profile and the regulations concerning the Supervisory
Board are unchanged from last year and are published on the
website of the Company. The discussion of the profile and
performance of the Supervisory Board and its individual
members concluded that the range of experience and
expertise contributed by the current members is appropriate,
that each member is independent as required by the
Corporate Governance Code (‘the Code’), and that no
changes in the composition of the Supervisory Board were
therefore necessary.
As reported last year, Mr. A.P.H. van Baardewijk retired from
the Supervisory Board after the 2005 Annual General Meeting
of Shareholders. We thank him for his significant contribution
to the Company’s development during his 12 years on the