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Boskalis jaarverslagen 2012

Other risks

Compliance with legislation and regulations

As an international maritime services provider Boskalis is active in numerous countries, meaning it has to deal with a wide range of diverse legislation and regulations. Some of the activities are headed by their own local management, but in many countries intermediaries and/or local representatives are used in securing and executing projects. This combination of factors means there is a heightened risk that relevant (local) legislation and regulations may not be fully complied with. These risks are mitigated by the company’s internal risk management and control systems, which are set out below. In addition, the company has a General Code of Business Conduct and a Supplier Code of Conduct, which are reviewed and evaluated regularly. Intermediaries and/or local representatives are also contractually bound to comply with our codes of conduct. The concluding of contracts with local intermediaries and/or representatives is subject to clearly defined procedures. Furthermore, Boskalis has a whistleblower policy in place and a counsellor to enable employees to report any suspected irregularities.

Property damage and third-party liabilities

Boskalis has taken out a broad package of insurance to cover against risks with respect to damage to its properties as well as third-party properties and potential other third-party liabilities .The above is a list of what we currently consider to be the most important risks that we face. The list is not exhaustive. There may be other risks which we currently do not consider to be significant but which may manifest themselves as such. internal risk management and control systems. The internal risk management and control systems of Boskalis are based on the principles of effective management control at various levels in the organization and are tailored to the day-to-day working environment in which the company operates worldwide. One of the main foundations for risk control is the internal culture of the company, which is characterized by a high degree of transparency with regard to the timely identification, evaluation and reporting of risks and a remuneration system that is geared to avoiding potentially perverse incentives.

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