At an extraordinary meeting of the shareholders of the Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (”FMO”), drs. J.V. (Koos) Timmermans (1960) was appointed as new member of the Supervisory Board. He succeeds Prof. dr. ir. A. Bruggink as Chairman of the Audit and Risk Committee. Prof. dr. J.M.G. (Jean) Frijns announced that he is retiring and will step down as Chairman of the Supervisory Board as of October 1, 2017. Prof. dr. ir. P. (Pier) Vellinga, who has been a member of the Supervisory Board since 2008, will take over from him.
Koos Timmermans has extensive banking experience in various senior leadership roles. He is currently Chief Financial Officer of ING Group and Vice-Chairman of the Management Board. Timmermans has been with ING since 1996 and amongst other positions was Chief Risk Officer. At ING, he is also responsible for the areas of sustainability, international relations and regulatory affairs. He is a Member of the Management Board of the Dutch Banking Association (NVB) and member of the Advisory Board of Euronext.
Jean Frijns (1947) joined FMO’s Supervisory Board in 2010 and has served as Chairman since 2011.
Frijns added “I look back to a great period at FMO. FMO is a great organization and with pain in my heart, I will step down as chairman and member of the Supervisory Board. I strongly believe that this is the right moment with all the executive board positions filled in. Being able to pass the baton to Pier Vellinga makes this decision much easier.”
Pier Vellinga (1950) is a member of FMO’s Supervisory Board since 2008. As of 2016, he is Emeritus Professor at Wageningen University and the Vrije Universiteit Amsterdam on the Societal Implications of Climate Change regarding water, energy and food. In 2015/2016 he co-authored the EU report: Green Growth for Jobs and Prosperity. Vellinga commented: “Research clearly shows that impact investment has a double dividend: benefits for society and an adequate return on equity go well together. FMO’s work is a clear demonstration of that. I look forward, in my new position, to working with FMO and all stakeholders towards being “your preferred partner to invest in local prosperity” with a focus on the people and countries that need this the most.”
Management Board Appointments
Following the meeting, the Supervisory Board officially appointed F. (Fatoumata) Bouare MBA (1966) as a Member of the Management Board as of October 15, 2017, in the role of Chief Risk & Finance Officer and re-appointed drs. L.G. (Linda) Broekhuizen (1968) as Member of the Management Board as of January 1, 2018, in her current role of Chief Investment Officer. Together with Jürgen Rigterink, CEO, they will form the Management Board of FMO. These appointments are for 4 years.
Fatoumata Bouare is an Ivory Coast national. She has broad experience in risk management and finance. Bouare joins FMO from the Bank of Africa Group where she held the position of Director, Risk Management Head. In her capacity as the highest-ranking risk professional, she was in charge of all integral aspects of risk, including environmental, social and sustainability risks. She has deep understanding of international commercial and investment banking in emerging markets. Most specifically in Africa, a region of great importance to FMO, where she lived and worked in a number of countries.
Linda Broekhuizen has made significant contributions to the professionalization of FMO over the past 4 years. She has been leading in the further development and growth of the investment portfolio. She has been with FMO since 2000 and has previously held the positions of Director Financial Institutions, Manager of the Agribusiness, Food & Water department and Manager Sustainability Development. She has been instrumental in developing the FMO sector focus in agribusiness, food and water and the establishment of NL Business.
De Nederlandsche Bank (DNB) has approved all of the appointments where relevant.