Annual and interim reports

Proposals and recommendations to the Annual General Meeting

Having stated all of the above, the Supervisory Board endorses the report of the Management Board. We propose that the AGM adopt the 2020 Annual Accounts audited by EY Accountants LLP.

Read more ›Proposals and recommendations to the Annual General Meeting

Members of the Supervisory Board

Read more ›Members of the Supervisory Board

Corporate governance

Good corporate governance at FMO is crucial for two reasons. First, as a public-private development bank, our own governance, structure and reporting lines must be both sound and transparent.

Articles of association

FMO’s articles of association were last amended in 2009, the year in which the first version of the Dutch Corporate Governance Code came into effect. FMO’s bylaws were updated in 2013 and the bylaws of the Impact Committee were prepared in 2019.

Governance structure

FMO’s corporate governance structure is based on the premise that FMO is a long-term partnership of stakeholders who, directly or indirectly, influence or are influenced by the achievement of our objectives.

Risk management framework

FMO has implemented a comprehensive risk management framework that reflects its banking license, support agreement with the Dutch State, and its mandate to do business in high-risk countries.

Aligned remuneration policies

The remuneration policies are aligned with the principle of attaching equal importance to investment and risk functions, by ensuring similar salary scales for both functions and avoiding bonus structures that incentivize excessive risk taking.

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Independent complaints mechanism

FMO has an Independent Complaints Mechanism together with the Deutsche Investitions- und Entwicklungsgesellschaft (DEG) and the French DFI Proparco. This allows affected parties to raise their complaints with an independent expert panel.

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Corporate governance codes

FMO abides by two governance codes: the Dutch Corporate Governance Code and the Dutch Banking Code.

FMO Investment Management BV

FMO Investment Management B.V. (FMO IM) is a 100% subsidiary of FMO. Its purpose is to build and grow investment management services for professional investors.

Read more ›FMO Investment Management BV