Unitary board for cooperatives and mutual insurance companies
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What changes?
If you run an association, cooperative, foundation or a mutual insurance company, in future you can choose to have a unitary board. This was already an option for private limited companies (bvs) and public limited companies (nvs).
One-tier board
A unitary board is a single board of directors, comprised of executive and non-executive directors. This is also called a one-tier board. There is no separate supervisory board. The supervisory directors are part of the board. A company has 1 board of which both management and supervisory directors are part.
There is a difference between executive and non-executive directors. Only a non-executive director can act as chairman.
For whom?
- associations
- cooperatives
- foundations
- mutual insurance companies
When?
The Governance and supervision act (Wet bestuur en toezicht rechtspersonen, Wbtr) will come into effect on 1 July 2021.