The holding is managed by a Management Team consisting of a CEO, CLO and CFO. Monitoring of the Management-performance in relation to goal sets and advisory of the management team on relevant matters, is done by a Supervisory Board of Directors.

The Supervisory Board of Directors performed its duties in accordance with Suriname law, the Company’s bylaws and Corporate Governance Code. We advised management on relevant matters and monitored management performance in relation to goals set. Management of the Holding and the subsidiaries regularly informed us, both verbally and in writing, on policy and material aspects of business strategy, corporate planning, major events, investments and transactions.

Besides information of the company and the group as a whole, we also received a detailed monthly report from Management on the current business position of the Group’s subsidiaries while we were kept abreast of results and the financial position, risks and risk management, HR and IT performance and planning in a thorough manner. The Supervisory Board of Directors was directly involved in all decisions of fundamental importance to the Group. In addition, we discussed strategic issues with Management on a regular basis while the Chairman of the Supervisory Board and the Managing Directors maintained a constant exchange of information.

N.V. VERENIGDE SURINAAMSE HOLDINGMIJ./ UNITED SURINAME HOLDING COMPANY have adopted a Corporate Governance Code in January 2010. This was the outcome of an initiative by the Supervisory Board to implement a governance structure which clearly defines responsibility and authority of the supervisory and executive functions including a frame work for appraising the performance of VSH United.

The objective of the governance code is to improve the performance of the Managing Director, The Supervisory Board and the VSH United Group as whole. Our External auditor Luthman & Co were contracted to guide the development of the Governance Governance Code.