Annual Report 2020

Supervisory Board committees

Audit Committee

Peter Bolliger (Chairman); Melchert (Mel) Groot

In 2020, the Audit Committee met five times, according to its fixed schedule. All members attended the meetings, including the CFO, internal auditor, external auditor PwC, and the company secretary. The CEO participated in two meetings.

During the February 2020 meeting, the Audit Committee reviewed the draft 2019 Annual Accounts. Key items on the agenda were the auditor’s 2019 report and GrandVision’s ongoing commitment to strong internal controls. The external auditor did not identify any material weakness in internal controls. Nevertheless, both the internal and external auditors presented a number of recommendations. The Management Board agreed with both auditors’ comments and made follow-up plans.

The topics they discussed included internal controls, internal audit, tax, financial reporting and risk management. During 2020, Mel Groot continued to act as financial expert.

Remuneration Committee

Mel Groot (Chairman); Kees van der Graaf

In 2020, the Remuneration Committee held three ordinary meetings, according to its fixed schedule. All meetings were fully attended. In February, they discussed 2019 achievements and recommended GrandVision senior management bonuses. In April, the Remuneration Committee discussed the Long-term Incentive Plan vesting for 2020 and new allocations for 2020. In December, the meeting focused on a proposal for senior management salary reviews and bonus objectives for 2020, which were discussed and presented for approval to the Supervisory Board. 

Nomination Committee

Mel Groot (Chairman); Kees van der Graaf

In 2020, the Nomination Committee met three times, according to its fixed schedule. Every committee member attended all of the meetings. The committee discussed GrandVision’s nomination procedures for the Supervisory and Management Boards, and confirmed these were systematically followed. The committee reviewed the structure, profile and succession planning for both the Supervisory and Management Boards.