From January 1 2018, Stedin Group will voluntarily follow the Dutch Corporate Governance Code (CGC). The CGC has been prepared for listed companies. Stedin Groep is not obliged to follow these, since its shares are held by 44 Dutch municipalities. With the application of the CGC we emphasize our responsibility for the social aspects of doing business in the public domain.
The CGC is based on the 'comply or explain' principle. The annual report explains which principles from the CGC do not apply to Stedin Group. The most important deviations from the Corporate Governance Code are due to the fact (1) that Stedin Group is not a listed company, (2) its shares are held by 44 Dutch municipalities and (3) an important part of its business activities is regulated and subject to the supervision of the Dutch Authority for Consumers and Markets (ACM), (4) its long-term strategy and (5) the fact that the remuneration structure of its Executive Board and Supervisory Board members is regulated by the WNT (the Remuneration and the Standards for Remuneration of Senior Officials in the Public and Semi-Public Sector Act).