Role of the Supervisory Board
- The Supervisory Board supervises the policies of the Bouwinvest Board of Directors and the general affairs of the Fund and its related business
- The Supervisory Board monitors and supervises the composition, valuation methods and performance of the portfolio of the Fund
More information on the role of the Supervisory Board can be found in the Corporate governance section.
Financial statements and profit appropriation
The Board of Directors of Bouwinvest prepared the financial statements and discussed these with the Supervisory Board. Deloitte Accountants B.V. have audited the financial statements and provided them with an unqualified independent auditor's report. The financial statements will be submitted for adoption as part of the 2014 annual report at the 2015 Annual General Meeting of Shareholders (AGM). The Supervisory Board proposes that the AGM adopts the financial statements and in accordance with the requirements of a Dutch Fiscal Investment Institution (FII) declares a dividend payable of € 26.3 million.
Supervisory Board meetings
The Supervisory Board met eight times in the course of 2014. None of the members of the Supervisory Board was frequently absent. The main discussion topics at these meetings were the strategy of the Fund as stated in the Fund Plan 2015–2017, the quarterly reports and compliance and risk issues of the Fund.
In 2014, the Supervisory Board discussed the Fund’s acquisition of the Valina office building in the centre of Amsterdam. The Board met later in the year to discuss the acquisition of the former Citroën buildings in Amsterdam and the Beurs-WTC complex in Rotterdam. These were the Fund’s first acquisitions since 2008 and were fully in line with the Fund’s strategy of optimising the portfolio through the acquisition of multi-tenant, multi-use office complexes with additional facilities and excellent accessibility by public transport and car.
As it does each year, the Supervisory Board devoted extra attention to the Fund’s corporate CSR policy. We are therefore extremely pleased to report that the Fund was awarded the GRESB ‘Green Star’ status due to the transparency of its reporting on Corporate Social Responsibility and sustainability-related matters and its efforts to increase the sustainability of its business operations and its portfolio.
In 2014, two acquisitions or sales in excess of € 25 million were made that required the approval of the Supervisory Board. These were the above-mentioned acquisition of the Citroën buildings in Amsterdam and Beurs-WTC in Rotterdam.
Alternative Investment Fund Managers Directive (AIFMD)
The Supervisory Board also discussed the impact of the Alternative Investment Fund Managers Directive (AIFMD). Bouwinvest has obtained a licence within the meaning of Article 2:65 of the Dutch Financial Supervision Act as per 17 February 2014. Bouwinvest is therefore subject to supervision of the Dutch Financial Markets Authority (AFM) and the Dutch Central Bank (DNB). Intertrust Depositary Services B.V. has been appointed as the Fund’s independent depositary.
A word of thanks
Jacques van Ek resigned as Chairman of the Supervisory Board in December 2014. We would like to express our sincere gratitude for Mr. Van Ek’s dedication and input in this period. His valuable contribution was significant for the growth of Bouwinvest over the past eight years.
We would also like to thank the Board of Directors and all Bouwinvest employees for their hard work, commitment and the results they achieved for the Fund in 2014.
Amsterdam, the Netherlands, 16 March 2015
The Supervisory Board
Kees Beuving, Chairman
Marjanne Sint, Vice-chairman
Jan van der Vlist