"You don't concentrate on risks. You concentrate on results. No result is too great to prevent the necessary job from getting done." ternal control in operating companies Heineken is progressing on the Group-wide development and implementation of uniform processes, common IT systems and business control frameworks based on best practices. At the end of 2005, two third of Heineken's operations (based on turnover) work in accordance with the evolving Heineken common system. In developing and implementing common systems, risk assessments were included and controls established or adjusted. These internal controls ensure the integrity of the information processing in its support of the day-to-day transactions and financial and management reporting. In 2005, Key Business Control Frameworks were developed and provided to the majority of operating companies for further optimising control design id effectiveness testing. de of Business Conduct and Whistleblowing the end of 2004, Heineken established Group I ilicies on Code of Business Conduct and histleblowing. The majority of the operating ripanies transposed their local - corporate proved - policies before the end of 2005. e Corporate Integrity Committee was established d-2005. Further reference is made to the neken Sustainability Report to be published 2006. Supervision The Executive Board oversees the adequacy and functioning of the entire system of risk management and internal control, assisted by Group departments. Group Internal Audit provides independent assurance on the entire risk management and internal control system. The Assurance Meetings at operating company level, oversee the adequacy and operating effectiveness of the risk management and internal control system. Regional Management and Group Internal Audit participate in these meetings to ensure effective dialogue and transparency. Following the introduction of the regional management structure in 2005, Regional Assurance meetings have been established. The outcome and effectiveness of the risk management and internal control systems have been discussed with the Audit Committee and Supervisory Board. Financial reporting The risk management and control system over financial reporting contains clear accounting rules, IFRS training, and a standard chart of accounts. The Heineken common systems, as implemented in most of the operations, support common accounting and regular financial reporting in standard forms. ChuckYeager Heineken N.V. - Annual Report 2005

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2005 | | pagina 53