IMC ANNUALREPORT 2020 - Flipbook - Page 12
03 REPORT OF THE SUPERVISORY BOARD
REPORT
OF THE
SUPERVISORY
BOARD
IT IS THE Supervisory Board’s
statutory responsibility to supervise
the Management Board and
to provide it with its counsel. In
accordance with a fixed meeting
schedule, the Supervisory Board
had five regular meetings with the
Management Board. The meetings
were held at the firm’s office
in Amsterdam or via Zoom. All
members of both Boards attended
all meetings.
The Supervisory Board addressed
a variety of topics in its meetings
with the Management Board. These
included but were not limited to: (the
execution of) the firm’s strategic
plan, its financial performance
and trading strategies, risk profile
and compliance, risk and control
framework, information security and
business continuity, human resources,
in particular succession planning
and remuneration, advocacy and
regulatory developments.
The Supervisory Board also
assessed its own performance,
the performance of its individual
members, and the functioning of the
Assurance Committee.
At the end of the year, the
Supervisory Board, in collaboration
with IMC’s shareholders, took
action to appoint new Supervisory
Board members and to achieve
a more diverse composition of
the Board. At the closing of this
annual report, two requests
for approval of the intention to
appoint new supervisory directors
were submitted to and are being
reviewed by De Nederlandsche
Bank (DNB).
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The Assurance Committee met
five times in 2020. All members of
the Supervisory Board are members
of the Assurance Committee, which
meets with the internal and external
auditors, Finance & Control, Risk &
Compliance, and Group Legal. David
Cole is Chairman of the Assurance
Committee.
IMC ANNUAL REPORT 2020
The Assurance Committee’s
strong focus is on the control
functions of the IMC organisation
and the adequate functioning of
the second and third line of defence
(“checks and balances”). Standard
items on the agenda of the
Assurance Committee’s meetings
are: financial developments,
regulatory capital requirements,
and reporting to DNB, as well as
the management letter issued
by the external auditors. The
Committee also considers the
annual internal audit plan, findings
and recommendations of internal
audits, Risk & Compliance reports,
annual Global Risk Control SelfAssessment and Internal Capital
Adequacy Assessment, as well as
legal topics, pending litigation,
inspections and investigations by
regulators. This year, the Assurance
Committee paid specific attention
to the new capital rules for
investment firms, which will come
into effect as of 26 June 2021, and
their impact on IMC. In addition, the
Assurance Committee addressed
the extraordinary situation
resulting from the Covid-19
pandemic, and the risks related
to working from home by the vast
majority of IMC staff.
“The Supervisory Board
would like to acknowledge
the continuing contribution
and achievements of IMC’s
employees in these exceptional
times, as well as the leadership
of its Management Board.“
The Supervisory Board would
like to acknowledge the continuing
contribution and achievements of
IMC’s employees in these exceptional
times, as well as the leadership of its
Management Board. The Supervisory
Board proposes to the shareholders
to adopt the 2020 financial accounts
and the dividend proposal.
Amsterdam, March 12, 2020
Supervisory Board
David Cole, Chairman
Victor de Serière
Robert Reibestein
Monique Lumeij, Secretary
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