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The Dutch Corporate Governance Code

Vopak has evaluated its corporate governance setup against the Dutch Corporate Governance Code (the Code) and concluded that it satisfies the principles and best practice provisions of the Code with two exceptions listed below.

1. Best practice provision 3.1.2 (blocking period of five years for shares granted to the Executive Board without financial consideration).

2. Best practice provision 3.2.3 (severance payment exceeding one year’s salary due to the contractual obligation arising from an in 2009 concluded employment agreement).