In general
The Executive Board is responsible for the management and general affairs of Wessanen. The Executive Board consists of two members who have collective powers and responsibilities. They share responsibility for managing the Company, determining and deploying its strategy and policies, achieving its objectives and results and developing a sound personnel policy. The Executive Board is accountable for the performance of its assignment to the Supervisory Board and to the General Meeting of Shareholders. In discharging its duty, the Executive Board focuses on the interests of the Company, taking into consideration the interests of its shareholders and other capital providers, employees, customers and suppliers.
Risk management approach
The Executive Board is responsible for ensuring compliance with all relevant legislation and regulations. It is responsible for proper financing of the Company and for managing the risks attached to the Company’s activities. The Executive Board reports on and accounts for internal risk management and control systems to the Supervisory Board and the Audit Committee. For the risks & uncertainties section from the 2010 Annual report, click here (pages 30 to 34). The audit services and non-audit services require pre-approval of the Audit Committee.
Relationship and communication of the External Auditor with the bodies of the Company
The External Auditor attends the meeting of the Supervisory Board in which the financial statements are approved and shall in principle attend all meetings of the Audit Committee. The External Auditor simultaneously reports its findings concerning the audit of the financial statements to the Executive Board, the Supervisory Board and the Audit Committee. The functioning of the External Auditor is assessed annually. In 2010 the Company conducted a thorough assessment of the External Auditor’s functioning, the main conclusions of which will be shared in the following General Meeting of Shareholders.
Internal audit function
The Internal Auditor operates under the responsibility of the Executive Board.