A supervisory director is appointed for a term of four years and may be re-appointed once for another period of four years. Afterwards, the supervisory director can be re-appointed for another term of two years, extendable up to two more years, if certain circumstances warrant this second re-appointment. The circumstances that warrant this are explained in the report of the supervisory board. A textual description of how the decision to deviate from best practice provision has been made within the company. A textual description of the reasons why the company has deviated from the best practice provision. A textual description of the way the company has deviated from the best practice provision. A textual explanation of the reasons why particular best practice provision are not applied. All transactions between the company and legal or natural persons who hold at least ten percent of the shares in the company are agreed at arm's length. Decisions to enter into transactions with these persons that are of material significance to the company and/or to such persons require the approval of the supervisory board. Such transactions are disclosed in the management report. All transactions involving conflicts of interest of managing or supervisory directors are agreed at arm's length. Decisions to enter into transactions involving conflicting interests of managing or supervisory directors that are of material significance to the company and/or the relevant managing or supervisory directors require the approval of the supervisory board. Such transactions are disclosed in the management report, including a description of the conflict of interest. For every supervisory director the report of the supervisory board mentions: i. sex; ii. age; iii. profession; iv. main function; v. nationality; vi. additional positions insofar as they are relevant to the performance of the duties as a supervisory director; vii. date of initial appointment; and viii. the current period for which the supervisory director has been appointed. For every supervisory director the report of the supervisory board mentions: i. sex; ii. age; iii. profession; iv. main function; v. nationality; vi. additional positions insofar as they are relevant to the performance of the duties as a supervisory director; vii. date of initial appointment; and viii. the current period for which the supervisory director has been appointed. For every supervisory director the report of the supervisory board mentions: i. sex; ii. age; iii. profession; iv. main function; v. nationality; vi. additional positions insofar as they are relevant to the performance of the duties as a supervisory director; vii. date of initial appointment; and viii. the current period for which the supervisory director has been appointed. For every supervisory director the report of the supervisory board mentions: i. sex; ii. age; iii. profession; iv. main function; v. nationality; vi. additional positions insofar as they are relevant to the performance of the duties as a supervisory director; vii. date of initial appointment; and viii. the current period for which the supervisory director has been appointed. For every supervisory director the report of the supervisory board mentions: i. sex; ii. age; iii. profession; iv. main function; v. nationality; vi. additional positions insofar as they are relevant to the performance of the duties as a supervisory director; vii. date of initial appointment; and viii. the current period for which the supervisory director has been appointed. For every supervisory director the report of the supervisory board mentions: i. sex; ii. age; iii. profession; iv. main function; v. nationality; vi. additional positions insofar as they are relevant to the performance of the duties as a supervisory director; vii. date of initial appointment; and viii. the current period for which the supervisory director has been appointed. For every supervisory director the report of the supervisory board mentions: i. sex; ii. age; iii. profession; iv. main function; v. nationality; vi. additional positions insofar as they are relevant to the performance of the duties as a supervisory director; vii. date of initial appointment; and viii. the current period for which the supervisory director has been appointed. For every supervisory director the report of the supervisory board mentions: i. sex; ii. age; iii. profession; iv. main function; v. nationality; vi. additional positions insofar as they are relevant to the performance of the duties as a supervisory director; vii. date of initial appointment; and viii. the current period for which the supervisory director has been appointed. For every supervisory director the report of the supervisory board mentions: i. sex; ii. age; iii. profession; iv. main function; v. nationality; vi. additional positions insofar as they are relevant to the performance of the duties as a supervisory director; vii. date of initial appointment; and viii. the current period for which the supervisory director has been appointed. If an internal audit function is lacking, the audit committee annually reviews whether the need for an internal audit function arises and assess whether adequate alternative measures have been taken. The supervisory board include, on the proposal of the audit committee, the conclusions and any recommendations arising therefrom, in the report of the supervisory board. If the deviation of the best practice provision is temporary and lasts more than one year, it is indicated when the company expects to comply with the best practice provision again. If the supervisory board does not follow the advice of the audit committee regarding the appointment of the external auditor, the arguments are communicated to the general meeting and mentioned in the report of the supervisory board. In the management report the management board explains the implementation of a culture within the company that is focused on long-term value creation. In the management report, the management board provides an overview of all existing or potential anti-takeover measures of the company and also indicates under which circumstances and by whom these measures can be taken. Institutional investors report annually on their website and/or in their management report on the execution of their policy relating to the exercise of voting rights in the relevant financial year. Management states in the management report with clear substantiation that the continuity of the company is guaranteed for the next twelve months. Management states in the management report with clear substantiation that the internal risk management and control systems functioned properly during the financial year. Management states in the management report with clear substantiation that the internal risk management and control systems provide a reasonable degree of assurance that the financial reporting contains no material inaccuracies. Management that works with with an executive committee takes into account the checks and balances that are part of the two-tier system. The management report includes a description of: i. the choice of working with an executive committee; ii. The role, duties and composition of the executive committee; and iii. the manner in which the contact is arranged between the supervisory board and the executive committee. Management that works with with an executive committee takes into account the checks and balances that are part of the two-tier system. The management report includes a description of: i. the choice of working with an executive committee; ii. The role, duties and composition of the executive committee; and iii. the manner in which the contact is arranged between the supervisory board and the executive committee. Management that works with with an executive committee takes into account the checks and balances that are part of the two-tier system. The management report includes a description of: i. the choice of working with an executive committee; ii. The role, duties and composition of the executive committee; and iii. the manner in which the contact is arranged between the supervisory board and the executive committee. The Supervisory Board discusses the strategy aimed at long-term value, the implementation of the strategy and the associated key risks at least once a year. The report of the Supervisory Board includes a description of this discussion. The annual report of the company includes a report of the supervisory board. In this report, the supervisory board accounts for its supervision during the past financial year. The company states in its annual management report how it has applied the best practice provisions of the Dutch Corporate Governance Code in the past year. The company states in its annual management report how it has applied the principles of the Dutch Corporate Governance Code in the past year. The management board accounts in the management report for any major failings in the internal risk management and control systems identified during the financial year, any significant changes made to these systems, any significant improvements to these systems and the discussion of these topics with the audit committee and the supervisory board. The management board accounts in the management report for the design of the internal risk management and control systems. The management board accounts in the management report for the execution of the risk assessment and describes the key risks the company faces and the risk appetite of the company. This may include strategic, operational, financial, compliance and non-financial risks. The management board accounts in the management report for the operation of the internal risk management and control systems over the past year and how these systems contributed to mitigate and control the risks. The management board accounts in the management report for the sensitivity of the results of the company with respect to material changes in external conditions. The management report includes a description of the vision of management on long-term value creation, the strategy for realising long-term value and how the past year contributed to this. This description includes both short and long-term developments. The report of the supervisory board describes the execution of tasks by the committees during the year. This includes the composition of the committees, the number of committee meetings and the main items discussed during the meetings. The report of the supervisory board describes the execution of tasks of the committees during the year. This includes the composition of the committees, the number of committee meetings and the main items discussed during the meetings. The report of the supervisory board describes the execution of tasks of the committees during the year. This includes the composition of the committees, the number of committee meetings and the main items discussed during the meetings. The report of the supervisory board describes the execution of tasks of the committees during the year. This includes the composition of the committees, the number of committee meetings and the main items discussed during the meetings. The report of the supervisory board includes a description of which supervisory directors have been frequently absent from meetings of the supervisory board. The report of the supervisory board includes a description on: i. how the evaluation took place of the supervisory board, the separate committees and the individual supervisory directors; ii. how the evaluation took place of the management and individual managing directors; and iii. what is or will be done with the conclusions of the evaluations. The report of the supervisory board includes a description on: i. how the evaluation took place of the supervisory board, the separate committees and the individual supervisory directors; ii. how the evaluation took place of the management and individual managing directors; and iii. what is or will be done with the conclusions of the evaluations. The report of the supervisory board includes a description on: i. how the evaluation took place of the supervisory board, the separate committees and the individual supervisory directors; ii. how the evaluation took place of the management and individual managing directors; and iii. what is or will be done with the conclusions of the evaluations. The report of the supervisory board includes a statement of the supervisory board on compliance with the independence requirements and, if applicable, which supervisory director(s) are regarded as non-independent. The supervisory board discusses matters on which the audit committee reports. The discussions should be described in the report of the supervisory board. Where applicable, a description of the alternative measure and an explanation how that measure reaches the underlying objective of the best practice provision, or a clarification how the measure contributes to good corporate governance of the company.