In the year under review the Supervisory and
Executive Boards held seven joint meetings.
Topics discussed at these joint meetings with
the Executive Board included regularly recurring
items, among which financial developments,
the policy and operating plans of the operating
companies and acquisition proposals. In addition,
consideration was also given to evaluations of
investments made, to interest and currency risks,
financing transactions and to internal control
systems. The financial results were discussed
in the presence of the external auditors.
A number of important topics were discussed
in depth in the year under review. For example,
attention was focused on developments in
the beer industry and the trend towards
consolidation that is occurring in the industry.
Both topics are of importance to the assessment
of acquisition proposals. The management
development programme was also the subject
of detailed discussion. One of the meetings took
place at Heineken Italia, where the management
team gave a presentation on the beer market
in Italy and on the policy of Heineken Italia.
The proposal to acquire Cruzcampo in Spain
was assessed at a meeting specially convened
for this purpose.
The Preparatory Committee met six times during
the year under review. The Audit Committee met
twice, with the external auditors present at one
meeting.
The Supervisory Board would like to take this
opportunity to express its appreciation for the
commitment shown during 1999 by the Executive
Board and all employees.
Amsterdam, March 1, 2000
Hazelhoff
Das
Loudon
Maas
De Ruiter
De Carvalho
Van Vollenhoven
HEINEKEN N. V.
RECOMMENDATIONS
OF THE
SUPERVISORY BOARD
19 9 9
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