O www.ahoid.com/reports2009
Supervisory Board report - continued
Committees of the Supervisory Board
Governance
The Supervisory Board has three permanent committees to which certain tasks are
assigned. The composition of each committee is detailed in the following table.
Selection and
Remuneration Appointment
Audit Committee Committee Committee
René Dahan, Chairman
Chairman
Tom de Swaan, Vice-Chairman
Chairman
Karen de Segundo
Member
Member
Derk Doijer
Chairman
Member
Stephanie Shern
Member
Member
Judith Sprieser
Member
Member
Mark McGrath
Member
Member
Ben Noteboom
Member
Member
Audit Committee
The Audit Committee assists the Supervisory Board in its responsibility to oversee Ahold's
financing, financial statements, financial reporting process and system of internal business
controls and risk management. The Chief Executive Officer, Chief Financial Officer,
Chief Corporate Governance Counsel, Chief Internal Audit Officer and representatives of
the external auditor are invited to the Audit Committee meetings. Other members of senior
staff are invited when the Audit Committee deems it necessary or appropriate. The Audit
Committee determines how the external auditor should be involved in the content and
publication of financial reports other than the financial statements. The Corporate
Executive Board and the Audit Committee report to the Supervisory Board on an annual
basis on their dealings with the external auditor, including the auditor's independence.
The Supervisory Board takes these reports into account when deciding on the nomination
for the appointment of an external auditor that is submitted to the General Meeting
of Shareholders.
In 2009, the Audit Committee held five meetings in person and four conference calls
to review the publication of financial press releases.
Throughout the year, the Audit Committee closely monitored the financial closing
process. Updates on internal controls were provided during all Audit Committee meetings.
The Audit Committee was informed regularly on litigation and related exposure, reviewed
and received regular updates on Ahold's whistleblower program and verified the outcome
of the annual incentive program.
The Audit Committee further discussed items including:
Quarterly trading statements;
Quarterly interim reports;
2008 Annual Report and financial statements;
Review and approval of the internal audit plan;
Review and discussions on the findings in the internal audit letter and the management
letter of the external auditor;
Ahold's finance structure;
Composition and functioning of the Treasury department;
Tax;
