BAM Abbreviated Annual Report 2011 - Siteseeing in the world of ...

Multipurpose complex for care
and support for the homeless
provided by the Kessler
Foundation, The Hague.
Architect: Soeters Van Eldonk
Architecten.
BAM Woningbouw.
The Supervisory Board took note of the annual
assessment by the Audit Committee about the lack of an
in-house audit position within the Group. Bearing in
mind, for example, the project-oriented nature of a
building company’s activities, and the large number of
projects being undertaken both at home and abroad by
divisions of the Group, it was decided to have the audit
process carried out by an external auditor in conjunction
with the employees from the central finance division and
the controllers at the operating companies. This
arrangement – which is governed by clear agreements –
once again proved satisfactory in 2011. Taking
everything into consideration, the Supervisory Board
advised the Executive Board to continue with the current
method of conducting the audit process. The
Supervisory Board noted the approach taken by the
Executive Board to making further improvements in risk
management within the Group. For example, a risk
management position has been created at Group level to
complement and facilitate the activities of the operating
companies. A uniform method for assessing risk and the
potential for improving the risk level has also been
introduced. The whole Group is focussed on improving
risk management in the primary process as
regards the procedures and the
development of best practices, and also as
regards the employees’ competences and
skills.
The Supervisory Board gave its approval for
the withdrawal of all issued non-convertible
cumulative preference Class F shares to
simplify the company’s capital structure. For
the same reason, the Supervisory Board also
approved the conversion of all outstanding
convertible cumulative preference Class F
shares into ordinary shares.
The Supervisory Board takes cognisance of
an overview of the Group’s investor relations
activities on a regular basis. As regards contacts with
shareholders, the Supervisory Board believes that
contact should primarily take place in shareholders’
meetings. The Board believes that a high level of
shareholder attendance at those meetings is extremely
important. The Board also feels, however, that contact
between the company and shareholders outside of
shareholders’ meetings can be important – for both the
company and the shareholders. The Supervisory Board
will ensure that the company accepts shareholders’
requests for talks in those cases where talks are
considered important. The company itself can also take
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2011