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Report of Executive Board of Directors

Bouwinvest Risk Universe and Taxonomy

To achieve an integrated approach to risk management, all the risks Bouwinvest is exposed to must be uniformly defined. To this end, Bouwinvest drew up a Risk Taxonomy that has been approved by the Executive Board of Directors. Bouwinvest defines the Risk Taxonomy as the classification and identification of different risk types that Bouwinvest is exposed to in its operations. Enterprise risk is the overall universe of risks to which Bouwinvest is exposed and beneath this there are many types of risks and risk manifestations. Categorising these risks with corresponding properties is the first step towards managing most of the important categories. The identified risk categories are applied to the Dutch Funds, international mandates and the management organisation and can be more or less relevant to each scope. The choices and definitions of the risk categories are based on the most common (principal) risks as they apply to Bouwinvest.

Policies to structure the risk management process can be per risk category for Bouwinvest. Identifying the risk appetite then becomes part of the Integrated Risk Management process.

The risk taxonomy is not exhaustive: sub-categories of risk or new risks may emerge that require their own risk policy. Where applicable, these will be dealt with in supplementary policies per risk category or sub-category.

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