Annual Report 2010 - SBM Offshore

Supervisory Board and has been discussed with the
Company’s external auditors.
The Company’s structure with respect to Internal
Assurance and the interactions between the key players
are summarised in the “three lines of defence”
model presented below.
The Company tested compliance with its key controls
with satisfactory overall results and the Management
Board considers that in respect of financial reporting:
• risk management systems and internal control
measures provide reasonable assurance that financial
reports do not contain any material inaccuracies;
• there are no indications that risk management systems
and internal control measures did not work
properly in 2010.
The above however does not imply that the Company
can provide certainty as to the realisation of business
and financial strategic objectives, nor can the
Company’s approach to internal control over financial
reporting be expected to prevent or detect all misstatements,
errors, fraud or violation of law or regulations.
In view of the above, the Management Board believes
that it is in compliance with the requirements of II.1.4
of the Dutch Corporate Governance Code taking
Interactions between In-control key players
Internal
Assurance
Report
Full In-control
statements
1 st
Level of Control
Operational
Management:
- Group
Management
System;
- Internal Control;
- IT & Systems
Board of Management
2 nd
Level of Control
Regulatory
Compliance
Risk Management
INTERNAL ASSURANCE
Report of the Board of Management
into account the recommendations of the Corporate
Governance Monitoring Committee and the recent best
practice provisions of the Amended Code.
Compliance statement
Due to the implementation of the European
Transparency Directive in the Dutch Financial Markets
Supervision Act (Wet op het financieel toezicht) the
Management Board confirms to the best of its knowledge
that:
• the annual Financial Statements for the year ended
31 December 2010 give a true and fair view of the
assets, liabilities, financial position and profit and
loss of SBM Offshore N.V. and its consolidated
companies;
• the additional management information disclosed
in the Annual Report gives a true and fair view of
SBM Offshore N.V. and its related companies as at
31 December 2010 and the state of affairs during
the financial year to which the report relates, and the
Annual Report also describes the principal risks facing
SBM Offshore N.V.
Management Board
Mr. A.J. Mace, CEO
Mr. M.A.S. Miles, CFO
Supervisory Board / Audit Commitee
Quality Assurance
(detective controls)
3 rd
Level of Control
Internal
Audit Dept
External Audit
(requested by law)
Certication
Institutions
(mandated by
third parties)
EXTERNAL ASSURANCE
SBM Offshore – Annual Report 2010 95