Doing Business in the Netherlands 2012 - American Chamber of ...

Doing Business in the Netherlands 2012
� Shareholders may exercise their right to place items on the
agenda only after having a consultation round with the
Management Board. The Management Board must respond
within a reasonable period, which in any case may not be
longer than 180 days after the date on which the proposal to
place items on the agenda is submitted.
6.6 Financial Reporting
� Considerable attention is given to the companies’ financial
reporting. The audit committee, composed of individual
Supervisory Board members, will play an active role in
supervising the functioning of the internal accounting
department and the risk management and control systems in
general.
� The external auditor shall attend meetings of the Supervisory
Board and the audit committee at which the annual accounts
will be approved or adopted. Detailed recommendations will
be given in relation to the content of the auditor’s report and
the external auditor has the direct obligation to answer the
questions that may be posed by Supervisory Board members
and at the General Meeting of Shareholders.
� The Management Board is responsible for the quality and
completeness of publicly disclosed financial reports.
� The Supervisory Board shall supervise the monitoring of the
internal procedures for the preparation and publication of all
financial reports.
� The external auditor may be asked questions at the
shareholders’ meeting in relation to his or her statement on the
fairness of the annual accounts.
Baker & McKenzie 59