On 8 December 2016 the revised Dutch Corporate Governance Code (the Code) was published. The revised Code applies as of the financial year 2017. Because Vion is not listed on a stock exchange, applying the Code is not mandatory. Vion applies the Code nevertheless because it provides a sound and transparent system of checks and balances within a company to regulate relations between the management board, the supervisory board and the general meeting of shareholders that contributes to confidence in the good and responsible management of companies and their integration into society.
In accordance with the Code’s “comply or explain” principle Vion deviates from the Code’s principles and best practice provisions in a number of instances. Generally speaking, this is the case where the provisions are not compatible with its legal structure and the nature of its business or are specifically written for listed companies with a widespread ownership.
The required changes as a result of the revised Code have been made in amongst others the rules of procedure of the management board, the supervisory board, the audit committee and the remuneration, selection and appointment committee.
More information about corporate governance can be found in our annual report.