The Corporate Governance Code Monitoring Committee (Frijns Committee) presented the updated Dutch Corporate Governance Code (Tabaksblat Code) on 10 December 2008. This amended Code takes effect as per the financial year beginning on or following 1 January 2009, after the government designates it by Decree as the new Corporate Governance Code as defined by law.
The Frijns Committee has amended the original Tabaksblat Code (which was introduced in 2004) in response to a number of national and international developments. The ongoing debate in political circles and the media about executive remuneration, the responsibility of the supervisory board, the role of activist shareholders and diversity in the composition of the supervisory board resonate clearly in the new Code.
The most important amendments concern the following: