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Report of the Supervisory Board

The Supervisory Board met seven times in 2017. In the context of its supervisory role, the Board also conducted six conference calls regarding investments in the international real estate portfolio and the investments in the Dutch real estate funds. These discussions covered matters such as the plans to increase investments in student accommodation in Australia, the acquisition of the Oosterheem neighbourhood shopping centre in Zoetermeer and the continued growth of the Residential Fund.

All the members of the Supervisory Board were sufficiently present at these meetings and calls to take into account the developments on the global and Dutch real estate markets. Real estate investment generally generates good returns due to the strong growth of metropolitan areas and the low interest rate environment.

The Supervisory Board devoted a great deal of attention to Bouwinvest’s future strategy for the period 2018-2020. The Board endorses Board of Directors choice for sustainable growth, both on the Dutch home market and the global real estate market. And the members of the Supervisory board approved this strategy, including Bouwinvest’s very clear ambitions on the sustainability front. In 2020, Bouwinvest wants 70 percent of its total portfolio to have a GRESB 4 or 5-star label. The company is targeting growth of its assets under management to € 13 billion in the period 2018-2020.

The Supervisory Board also discussed the bpfBOUW’s strategic Real Estate Investment Plan. bpfBOUW has no plans to increase its commitments in the Netherlands on the residential, office, retail and hotel estate fronts. The Healthcare Fund is the one exception to this rule. Bouwinvest is interested in both expanding its cooperation with existing clients and finding new sustainable institutional investors who are looking for high-quality investments.

In addition, the Supervisory Board discussed the various (quarterly) reports, the compliance and risk management policies and the supervision of related-party transactions.

The members of the Supervisory Board also attended a meeting on the theme of international investments. The Supervisory Board appreciates being provided with this kind of information, due to the insight it gives into the latest trends and developments on global real estate markets.

Financial statements

The Supervisory Board discussed the financial statements prepared by the Board of Directors. Deloitte Accountants have audited the financial statements and provided an unqualified independent auditor’s report. The financial statements will be submitted to the 2018 General Meeting of shareholders as part of the 2017 annual report. The Supervisory Board will propose that the General Meeting of Shareholders adopt the financial statements and discharge the Board of Directors for its management of the company and its assets under management and the Supervisory Board for its supervision of same.

Audit committee

The Audit Committee has two members: J.H.W.R. van der Vlist, chairman, and R. Th. Wijmenga. The Audit Committee met five times in 2017, to discuss the annual and quarterly results and the reports from the external auditor.

The Audit Committee also met with the external auditor in the absence of the Board of Directors. In addition to financial reporting, the Audit Committee discussed the auditor’s report, valuations, the monitoring and control framework, including risk management, the risk reports, the compliance reports and the Internal Audit function.

The internal auditor has a separate line of reporting to the Chairman of the Audit Committee. The Committee also devoted particular attention to the ISAE 3402 type II certification. The Audit Committee also advised the Supervisory Board on the performance of the external auditor, which was judged adequate.

Selection and remuneration committee

The Selection and Remuneration Committee has two members: C.G. Gehrels, chairman, and C.J. Beuving. The Selection & Remuneration Committee met twice in 2017 and discussed Bouwinvest’s HRM policy, its management development programme and succession planning. The Committee also discussed the performance of the members of the Board of Directors and target-setting.

We would like to thank the members of the Board of Directors and all Bouwinvest employees for their dedication and engagement and for the excellent results they achieved in 2017.

Amsterdam, 19 March 2018

The Supervisory Board

Kees Beuving, Chairman
Jan van der Vlist
Roel Wijmenga
Carolien Gehrels

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