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Independence, conflicts of interest and governance

The Supervisory Board is of the opinion that all members of the Supervisory Board are independent, as required by Best Practice Provision III.2.1 of the Corporate Governance Code.

No direct, indirect or formal conflicts of interest were identified in 2012.

FMO has specific regulations concerning private investments. Compliance by Supervisory Board members, Management Board members and all other employees with FMO's regulations on private investments is addressed regularly. Based on the information provided by the members, no conflicts with regard to private investments were found in 2012.

FMO complies with the Dutch Banking Code and Corporate Governance Code. Where FMO does not comply with these codes, clear reasons are provided. For more information, see the Corporate Governance section.