2008 Annual Report - SBM Offshore

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SBM Offshore Annual Report 2008 / Report of the Supervisory Board19The main items that were discussed during the yearwere:• annual and half-yearly Financial Statements andfinancial data to be included in press releases;• quarterly financial reports;• analysis of the financial results of projects;• acceleration of financial reporting timetable;• risk management, internal control and audit, anddiscussion of the Company’s In Control statement;• reports by external auditors and compliance withrecommendations and observations;• relations with the external auditor, including, inparticular, the independence, remuneration andnon-audit services provided for the Company.Analysis of the KPMG fees is disclosed within note3 of the notes to the Financial Statements;• performance of the external auditor. Theassessment of the external auditor’s performanceraised no major issues that would lead to aproposal to replace KPMG Accountants N.V.Overall the standard of the audit team, the auditprocess and fees, and the interaction with theCompany’s personnel were all found satisfactorygiven the size, complexity and risk profile of theCompany. The AGM will be asked to approve theannual proposal to reappoint KPMG AccountantsN.V. as external auditor for a period of one year;• responsibilities concerning fraud or otherirregularities;• specific accounting issues such as theclassification of lease contracts as either operatingor financial leases;• fiscal policy and position of the Company;• dividend policy;• financing of the Company, including bankcovenant compliance, and balance sheet gearing;• discussion of the impact and exposures relating tothe financial crisis;• applications of Information and CommunicationTechnology (ICT);• adequacy of staffing of finance and administrationfunctions;• adequacy of insurance programmes;• budgets and forecasts for the Company as awhole, and for its major projects;• reports on Treasury exposures and forecastscovering foreign exchange, interest rates, cash flowsand guarantees;• the report prepared by a third party, on the originsof the cost overruns on major projects.Close-up view of process facilities on FPSO Espirito Santo
20 SBM Offshore Annual Report 2008 / Report of the Supervisory BoardRemuneration CommitteeThe Remuneration Committee met four times in 2008.In between the meetings there was regular contactbetween the members of the Committee and the ManagingDirectors.At the AGM of 2008, the Remuneration Policy 2008 wasapproved. This Remuneration Policy is the basis for theremuneration of the Management Board. The remunerationelements for the current Managing Directors (Base Salary,Short-Term and Long-Term Incentives) were establishedin accordance with the policy. More information can befound in the Remuneration Report hereafter.Selection and Appointment CommitteeThe Selection & Appointment Committee met twice duringthe year. The main item discussed was the successionplanning in general and the reappointment of Mr. vanGelder, as a Supervisory Director.In ConclusionThe Supervisory Board expresses its gratitude to theCompany’s employees and the Board of Management fortheir commitment to the Company and the performanceachieved in 2008 despite the difficult circumstances. TheSupervisory Board is confident that the Company is takingthe appropriate steps to maintain and develop its productline and position itself for the future business opportunitiesrequired to secure long-term growth.Schiedam, 10 March 2009.Supervisory BoardH.C. Rothermund, ChairmanL.J.A.M. Ligthart, Vice-ChairmanR. van GelderD.H. KellerF. G. H. DeckersT. EhretFPSO Frade departure from Dubai
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SBM Offshore N.V.Schiedam (The Neth
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2008 Annual Report - SBM Offshore

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