45
To the Shareholders (continued)
Report of the
Report of the
Financial
Sustainability
Other
Introduction
Executive Board
Supervisory Board
Statements
Review
Information
Heineken N.V. Annual Report 2017
The Committee supervises the activities of the Executive Board with respect to the publication of financial information. The Committee reviews,
in the presence of the Executive Board and the external auditor, the appropriateness of the half-year reporting and the annual financial statements,
focusing on:
The decisions made on the selection and application of accounting policies.
The reliability and completeness of disclosures.
Compliance with financial, non-financial and other reporting requirements.
Significant judgements, estimates and assumptions used in preparing the reports in respect of, among others, accounting for acquisitions and
divestments, the annual impairment test and determining the level of provisions.
At the beginning of the year, the Committee reviews the audit plan of the external auditor as well as the internal audit plan. The Committee focuses
mainly on the scoping, key risks, staffing and budget. During the year, the Committee reviews the reports of the external and the internal auditor
Furthermore, the Committee in 2017 discussed recurring topics, such as:
The effectiveness and the outcome of the internal control and risk management systems, as well as changes made and improvements planned to
these systems.
Functional updates in respect of Global Procurement, Financial Shared Services Internal Control over Financial Reporting, Global Treasury and Tax,
Pensions, Litigation and Risk Management.
Update on new IFRS Standards: IFRS 9 (Financial instruments), IFRS 15 (Revenue from contracts with customers) and IFRS 16 (Leases).
HEINEKEN's governance, risk and compliance (GRC) activities, including the HEINEKEN Company Rules and the HEINEKEN Code of Business Conduct.
Post Audit Reviews of large investments.
The outcome of the internal audit activities.
The outcome of the annual Letter of Representation process and the report from the Integrity Committee related to fraud reporting and Speak
Up policy.
The evaluation of the external auditor, Deloitte Accountants B.V
The Chairman of the Audit Committee informed the Supervisory Board of the discussions held in the Audit Committee in respect of these
recurring topics.
Selection Appointment Committee
Composition: Mr. Wijers (Chairman), Mr. de Carvalho, Mr. Das, Mr. Fernandez Carbajal, and Mrs. Fentener van Vlissingen. The Selection Appointment
Committee met five times.
In 2017, the following subjects were discussed:
The composition and rotation schedule of the Supervisory Board and its Committees.
Female representation on the Supervisory Board, including a list of potential female candidates.
Evaluation of the Supervisory Board and the Executive Board.
Diversity Policy for the Supervisory Board, Executive Board and Executive Team.