Vopak has evaluated its corporate governance structure against the Code and concluded that it satisfies the principles and best practice provisions of the Code. In 2006, the three exceptions below to the best practice provisions of the Code were made. These exceptions will also apply in 2007. At present, there is no reason to assume that further exemptions will be made in the near future. 

Best practice provision II.1.1. (appointment of Executive Board members for four years) 

The term of Mr De Kreij's contract of employment is not in accordance with this provision. His contract was concluded before the Code took effect and the rights acquired may not be impaired. 

Best practice provision II.2.7. (maximum severance pay) 

The contract of employment between Vopak and Mr De Kreij is not in accordance with this provision. In the event of his dismissal, Mr De Kreij will be contractually entitled to at least two years' salary. Such severance pay may also become due if Mr De Kreij cannot reasonably be asked to fulfil his duties any longer as a result of changes in circumstances, for example if a public bid is being made. This contract was concluded before the Code took effect and rights acquired may not be impaired. 

Best practice provision III.2.1. (independence of Supervisory Board members) 

As a result of the appointment of Mr Van den Driest to the Supervisory Board, two of its members, i.e. Mr Van der Vorm and Mr Van den Driest, do not currently satisfy all independence criteria of the Code, which is not in accordance with this best practice provision. The Supervisory Board and the Executive Board are of the opinion that, both gentlemen have considerable added value within the Supervisory Board. 

Regarding Mr Van der Vorm this added value particularly consists of his capabilities, knowledge and experience in managing and investing in internationally operating companies.

Mr Van den Driest has a vast knowledge of logistic services in general, tank storage activities in particular, the Port of Rotterdam and knowledge of the company, which he acquired over many years in different capacities, most recently as Chairman of the Executive Board.