b'Independence Risk & Compliance CommitteeIn 2021, there was no conflict of interest relatedThe Risk & Compliance Committee has the to the Supervisory Board; the Supervisoryfollowing tasks and responsibilities:Board members are independent and have no1.Oversee the establishment and close personal or business relation with fellow supervisory board members, executive boardimplementation by senior management of members, employees, staff members. Theya system to identify, assess, monitor and also have no interests in Staatsolie in any way. manage risks effectively.2.Reviewing the risk management policy andCommittees submitting this risk management policy to The Supervisory Board has establishedthe Supervisory Board for approval.three committees to carry out a number3. of permanently required tasks: the AuditRecommend proposed risk limits and Committee, the Risk & Compliance Committeeownership for risk remediation strategies and the Nomination & Remunerationto business units/divisions and provide for Committee. Supervisory Board approval.4. Each committee focuses on specific themes inApprove proposed resource allocation preparation for decision-making by the entirebased on prioritization of risk monitoring Supervisory Board. All committees report theirand control activities related to business findings to the meeting of the Supervisoryactivities.Board. 5.Adopt protocols for escalating significantAudit Committee risk exposures and non-compliance issues and escalating risk issues that are not The main tasks of the Audit Committee areaddressed in a moderate manner, based on listed below: escalation protocols.1.Discuss quarterly financial reports,6. Review proposed risk appetite statements investment proposals, financing proposals,annually (or after changes in strategic liquidity plans, and financial policy withobjectives or the internal/external management. environment) and make recommendations 2.Discuss the budget and the annual financialin this regard to the Supervisory Board for approval.statements with management. Preparatory work in this context for the Supervisory7. Review and validate the companys risk Board. profile on a quarterly basis and update as 3.Review the Management Letters of thenecessary to proactively identify new risks. external auditor. The external auditor8. Assess the effectiveness of the system for is present in the meetings of the Auditmonitoring and managing material business Committee where these reports arerisks and monitoring management actions in reviewed and discussed and duringaddressing unacceptable levels of risk.the discussion of the annual financial 9. statements in the meeting between theReviewing quarterly reports from the Board of Executive Directors and theGovernance Risk & Compliance Manager Supervisory Board. regarding significant risks, critical risk trends and related risk mitigation strategies.19'