62
Quarterly interim reports
Annual trading statement
Capital investment reappraisals
Tax
Enterprise risk management
Insurance
Ahold
Annual Report 2011
Group at a glance Performance Financials Investors
Supervisory Board report continued
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 was updated on the refinancing of the
€1.2 billion syndicated credit facility.
The Audit Committee further discussed items including:
2010 Annual Report and financial statements
Review and approval of the internal audit plan
Review of and discussions on the findings in the internal audit letter and the management letter
of the external auditor
Ahold's finance structure
Treasury
Pensions
Guarantees
Appointment of the external auditor
Code of Conduct
The Audit Committee and the chairman of the Audit Committee also held private individual
meetings with the Chief Executive Officer, Chief Financial Officer, Senior Vice President Internal
Audit, and external auditor.
In a separate private meeting, the Audit Committee reviewed its own functioning as well as that of
its individual members. This review concluded that the Audit Committee's composition, its work
processes, the scope and depth of its activities, its interfaces with the Corporate Executive Board
and the Supervisory Board, and the personal contribution of each individual committee member
are satisfactory and adequately serve the Company's needs.
The Supervisory Board has determined that Tom de Swaan and Stephanie Shern are "Audit
Committee Financial Experts" within the meaning of the Dutch Corporate Governance Code.
Selection and Appointment Committee
In 2011, the Selection and Appointment Committee held five meetings. Its main areas of focus
were the succession issues related to the departure of Kimberly Ross as CFO of the Company
and the search for and appointment of the Chief Commercial Development Officer. It was also
involved in organizational and management changes at Ahold Europe and Ahold USA, and
discussed overall succession and management development processes at Ahold.
Remuneration Committee
In 2011the Remuneration Committee held five meetings in person. The Chief Executive Officer
was invited to most of these meetings. For a report on remuneration and the activities of the
Remuneration Committee, see Remuneration.
