Unitary board for cooperatives and mutual insurance companies
Effective date: 1 July 2021
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What changes?
If you run a cooperative or a mutual insurance company, in future you can choose to have a unitary board. This was already an option for private limited companies (bv’s) and public limited companies (nv’s).
A unitary board is a single board of directors, comprised of executive and non-executive directors. There is no separate supervisory board. In such a one-tier board supervisors are part of the board. There is a difference between executive and non-executive directors. Only a non-executive director can act as chairman.
For whom?
- cooperatives
- mutual insurance companies
When?
The Governance and supervision act will come into effect on 1 July 2021.