The Supervisory Board and the Management Board of Hydratec in general endorse the principles for proper corporate governance as set out in the Dutch Corporate Governance Code.
A key principle in this regard is that the company, its directors and supervisory directors must focus on the company’s long-term continuity and must maximise its benefit for all parties involved with the company. Clear and open communication is a positive contributing factor in this respect. Hydratec has implemented the Code in a thorough and well-considered manner, with due consideration to the scale of the activities in which it operates.
The Corporate Governance policy, including the associated relevant regulations and reports, is regularly tested and evaluated. On 7 September 2017, with the publication of the designation order in the Netherlands Bulletin of Acts and Decrees, the Corporate Governance Code (‘the Code’) as revised in 2016 was legally enshrined effective 1 January 2018. The table below contains a reference to the Corporate Governance Code Monitoring Committee, as well as the Supervisory Board’s profile sketch and the Articles of Association of Hydratec.
|Corporate Governance Code Monitoring Committee||Corporate Governance Code Committee (website)|
|Articles of Association||Articles of Association of Hydratec Industries N.V.|
|Code of Conduct||Code of Conduct of Hydratec Industries N.V.|
|Supervisory Board Regulations||Regulations of the Supervisory Board of Hydratec Industries N.V.|
|Profile sketch of Supervisory Board members||Profile sketch of the Supervisory Board of Hydratec Industries N.V.|
|Whistleblowers' Scheme||Whistleblowers' Scheme of Hydratec Industries N.V.|
|Bilateral Shareholder Contacts||Policy governing bilateral contacts with shareholders of Hydratec Industries N.V.|
Deviations from the Netherlands Corporate Governance Code
Hydratec Industries applies all provisions with the following exceptions from the best practice provisions of the Code:
- 1.9: Mr E. ten Cate (Chairman of the Supervisory Board) does not comply with the independence criteria as defined in the Code, since his relations by blood in the first degree possess a block of shares of more than ten percent.
- 2.2: Hydratec is of the view that experience and knowledge of the company form an important basis for the functioning of its Supervisory Board members and that this must be the determining factor in establishing terms of office. There is no maximum number of terms of office for the members of the Supervisory Board. Each time, following a term of office, a Supervisory Board member, following careful consideration, can be reappointed for another term.
- 2.3: There are no webcasts of presentations for investors and analysts because Hydratec is a so-called Auction Fund.