The Company has a two-tier board structure consisting of a Management Board and a Supervisory Board. The Management Board is responsible for the day-to-day management which includes, among other things, formulating strategies and policies, and setting and achieving the Company’s objectives. The Supervisory Board supervises and advises the Management Board.
These two corporate bodies are subject to Dutch law and regulated by the Company’s Articles of Association as well as by the Dutch Corporate Governance Code. The Company makes every effort to comply with the Dutch Corporate Governance Code. Where this is not possible, exceptions to the Code are explained in full in its annual report according to the ‘comply or explain’ rule.