Netherlands legal update April 2013

Alert, Aug. 28, 2014

THE ACT ON MANAGEMENT AND SUPERVISION

On January 1, 2013 the Act on management and supervision (‘Wet Bestuur enToezicht’) amending the rules on management and supervision within a publiclimited liability company (NV) and a private limited liability company (BV)came into force. The Act introduces inter alia the possibility to adopt a one-tierboard, as an alternative to the existing two-tier board consisting of a separatemanagement board and a supervisory board. This legal update sets forth themajor changes and new opportunities under the Act. We also address the need for amending current articles of association of companies as of the date of the Act.