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6.5 Statement of the Board of the Directors

In view of the breach of the system of internal control measures at Accell Asia Taiwan, which resulted in a major theft of money (see page 44 of the annual report), the Board of Directors cannot conclude that the overall risk management and control system was adequately effective in the year under review. With respect to Accell Asia Taiwan, the thorough investigation concluded that this was an isolated incident. Accell Group has incorporated the findings of the investigation in a recovery plan to further tighten the risk management and control system. Taking into account the effective execution of this recovery plan, the Board of Directors expects the risk management and control system to function effectively in the current financial year.

The Board of Directors wishes to note in this respect that the internal risk management and control system is intended to identify and control significant risks to which the company is exposed, taking into account the nature and scope of the organisation. Such a system cannot provide absolute certainty that objectives will be realised. Nor can it prevent with certainty the occurrence of potential material errors, damage, fraud or violations of statutory regulations. The actual effectiveness of the system can only be assessed on the basis of the results over an extended period of time.

With reference to article 5:25c, section 2, of the Financial Supervision Act and with due observance of the above, and based on the audit of the financial statements by the external auditor, the Board of Directors states that:

  • the financial statements as included on pages 109 to 174 of this report provide a true representation of the assets, liabilities and the financial position as at the balance sheet date, as well as the profit for the financial year of Accell Group N.V. and the companies included jointly in the consolidation;
  • the board report as included on pages 2 to 107 of this report provides a true representation of the situation as at 31 December 2015, and the course of business at the company and at companies included in the joint consolidation during the 2015 financial year. This annual report includes a description of the material risks Accell Group N.V. faces.

6.5.1