SBM Offshore Annual Report 2011 - PDF
SBM Offshore Annual Report 2011 - PDF
SBM Offshore Annual Report 2011 - PDF
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All Supervisory Directors attended all of the regular Supervisory Board meetings and the sub-committee meetings<br />
with the exception of one meeting of the Audit Committee where a member could not attend the meeting.<br />
Supervisory Board members who could not physically attend the additional meetings held on specific topics<br />
attended the meeting by phone and could follow the proceedings of the meeting and be heard by the other<br />
Supervisory Directors. In addition, there were telephone conferences at Supervisory Board and at sub-committee<br />
level.<br />
All but one of the meetings of the Supervisory Board and of the sub-committees were held at the statutory offices<br />
of the Company in Schiedam or elsewhere in The Netherlands. In December <strong>2011</strong> the Supervisory Board met at<br />
the Company’s project execution centre in Monaco. At the Monaco project execution center, project management<br />
and senior management were interviewed by each of the Supervisory Directors in one-on-one sessions and<br />
information about the progress of the major projects and the state of affairs at the respective center was received.<br />
The Chairman visited the Company’s operations in Singapore and Malaysia focusing on project management and<br />
product quality. Another Supervisory Board member visited the Company’s offices in Brazil.<br />
In its role of supervising the policies of the Company and advising the Board of Management, the Supervisory<br />
Board challenges in a constructive way and with due regard to the interests of all stakeholders the actions and<br />
plans of the Management Board concerning the management of the Company’s businesses. Communication at<br />
the meetings is frank and open.<br />
2.1.5 Main subjects reviewed by the Supervisory Board<br />
Standard items<br />
Standard items on the agenda are:<br />
• the approval of the minutes of the previous meetings and the review and follow-up of actions arising<br />
• the management and financial report<br />
• the operating plan 2012<br />
• reports of the Audit Committee, the Technical & Commercial Committee and the Appointment & Remuneration Committee<br />
• approval of the Company’s annual results and support for the half-year results and the Q1 and Q3 trading updates<br />
• Health Safety Security and Environment<br />
• Mergers & Acquisitions<br />
• Corporate Governance<br />
• Corporate Social Responsibility matters<br />
• review of legal claims<br />
Major projects, tenders and investments<br />
Major projects, tenders and investments are discussed by the Supervisory Board on an ad hoc basis. In the year<br />
under review there were a number of telephone conferences concerning major projects and investments.<br />
This is a customized selection from the <strong>SBM</strong> <strong>Offshore</strong> N.V. <strong>Annual</strong> <strong>Report</strong> <strong>2011</strong><br />
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