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Independence and self-evaluation

Independence

Throughout the year, all members of the Supervisory Board were independent from Triodos Bank under the terms of the Dutch Corporate Governance Code. The composition of the Board was such that members were able to act critically and independently of one another, the Executive Board and any particular interest.

Conflicts of interest

In accordance with the requirements of the Dutch Corporate Governance Code, the Supervisory Board has internal rules in place that govern any actual or potential conflicts of interest of Board members. No conflicts of interest occurred during 2013.

Education

As part of the Board’s permanent education programme, it organizes annual meetings with external experts, with a view to keeping up-to-date with developments in society and the sectors that have an impact on Triodos Bank’s operations. Please see the report of the Nomination and Compensation Committee for more details.

Self-evaluation

The Supervisory Board’s annual self evaluation took place at the end of 2013, by two independent consultants. In 2010 the decision was taken to involve an independent consultant in the evaluation every other year. The scope of the evaluation included the functioning of the Supervisory Board as a whole, its individual members and its committees, as well as the working relationship between the Supervisory Board and the Executive Board. The outcome of this process was discussed in the December internal board meeting and was considered fruitful, as it was in 2012. The Board will discuss the recommendations of the evaluators with the Executive Board in early 2014.

The Executive Board members shared their personal key priorities for 2013 with the Supervisory Board. This will be evaluated in early 2014.