Monitoring functions

Independent compliance function

The 'independent compliance function' can be explained as an independent function within the company, aimed at the examination and promotion of the company's compliance with the rules relating to the integrity of the company's activities. These are rules arising from the company's policy and the company's articles of association, as well as other statutory rules and regulations. In other words, it forms part of the company culture to place emphasis on honesty and integrity and to observe high ethical standards while conducting business. Both the company and its employees must behave with integrity, which entails being honest, reliable and trustworthy.

On 22 September 2014, Laurent Trenson (employee and senior accountant of the company) was appointed independent compliance officer in accordance with Article 14, § 4 of the RREC Act. Laurent Trenson's mandate as independent compliance officer has an undetermined duration.

Internal audit

The 'internal audit' can be considered as an independent monitoring function, embedded in the organisation. This function is aimed at investigating and assessing the proper operation, effectiveness and efficiency of the company’s internal (monitoring) processes and procedures, including the compliance aspect and the risk management aspect. The person responsible for the internal audit can provide the different members of the organisation with analyses, recommendations, advice, assessments and information on the activities investigated, in the context of their responsibilities.

The Company has appointed the external consultant BDO Advisory BV, represented by Mr. E.S.G.L. van Zandvoort, partner, as the person in charge of the internal audit.

The mandate of BDO Advisory BV as external consultant started on 23 September 2017 for an undetermined duration.