The Code

Each year, according to the best practice provision 1.1 of the Code, the main features of the corporate governance structure of the company, partly on the basis of the principles referred to in the Code, must be described in a separate chapter of the annual report. This chapter must further explicitly indicate the degree to which the best practice provisions referred to in the Code are adhered to, the degree to which they are not adhered to and why. This “apply or explain” principle has a legal basis. This chapter will implement the aforesaid best practice provision 1.1 of the Code. The provisions in this chapter can at the same time be considered to be the corporate governance statement referred to in article 2:391, paragraph 5, of the Netherlands Civil Code.

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