The Act on Management and Supervision of NV and BV Companies (Wet bestuur en toezicht in naamloze en besloten vennootschappen)

On 25 September 2012 the Upper House adopted the legislative Act on management and supervision1 (the "Management and Supervision Act" or the "Act"). The Act is expected to enter into force on 1 January 2013. The Act introduces six principal changes including changes in the one-tier board structure for public limited companies and private companies with limited liability; changes in the maximum number of board positions of board members of "large" NV's, BV's and foundations; and new conflict of interest rules of board members of NV's and BV's.

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