- Business and strategy
- Shareholder information
- Financial Statements
- Other information
Activities of the Supervisory Board in 2016
The Supervisory Board held six ordinary meetings in 2016. One of the Supervisory Board’s priorities is strategy development and discussion and one extended meeting was fully devoted to GrandVision’s strategy. During all meetings the Management Board and Company Secretary were present and no members of the Supervisory Board were absent. Between meetings, the Chairman of the Supervisory Board and the CEO of GrandVision maintained regular contact and had several meetings and conversations during the year. The Chairman acts as the first point of contact within the Supervisory Board for the CEO for discussions on topical issues and GrandVision’s general matters.
At least once a year, the Chairman has individual meetings with all Management Board members. During 2016, discussions within the Supervisory Board were based mostly on documents and presentations prepared by the Management Board and the extended GrandVision Management Team. By way of preparation, many subjects were discussed in advance at one of the Supervisory Board’s committee meetings. In the meetings with the Management Board, the Supervisory Board was provided with updates on a number of recurring items, such as news regarding GrandVision, financial performance, the Company's internal risk management and control processes, developments in the markets in which GrandVision operates, business projects and acquisition opportunities.
In March 2016, GrandVision’s auditor, PricewaterhouseCoopers Accountants N.V. (PwC), participated in a Supervisory Board meeting to discuss the financial statements of 2015 as well as the external auditor’s report and the findings summarized in the management letter. The auditor’s recommendations in the management letter were all related to improvement opportunities such as improving tax and transfer pricing knowledge at operating company level. Furthermore, no material weaknesses in internal controls were identified. The Management Board agreed with these comments and plans were made for follow-up. After review of the unqualified opinion provided by the external auditor, GrandVision’s 2015 financial statements were endorsed by all members of the Supervisory Board.
The Supervisory Board meets each quarter right before the publication of the quarterly results and has an in-depth discussion with the Management Board about the results and related documents such as the draft press release. At the meeting held in December 2016, the Supervisory Board had an extensive discussion regarding the 2017 plan and financial budget. During these discussions the Supervisory Board challenged the sustainable growth and financial objectives set by the Management Board. Following a productive discussion, the Supervisory Board unanimously approved the 2017 financial budget.