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Statements of the Executive Board

The Executive Board is responsible for designing and operating TenneT's risk management and internal control system, and for reviewing its effectiveness.

In control statement

The Executive Board is responsible for designing and operating TenneT's risk management and internal control system, and for reviewing its effectiveness.

The risk management and internal control system consists of the following:

  • The enterprise risk management system aimed to identify, analyse, define mitigating measures and monitor the development of risks relevant to TenneT;
  • The internal control framework aimed to manage critical processes, including control self-assessments to document the effectiveness of their control processes;
  • Business plans and quarterly reports with information on corporate objectives and their achievement;
  • Internal audits of critical processes and discussions on the follow-up to audit findings with relevant management;
  • A follow-up on recommendations made in the external auditor’s management letter;
  • An internal Letter of Representation (LOR) process, resulting in a company-wide LOR signed by the Executive Board.

The Executive Board reviews and analyses the strategic, operational, financial and compliance risks to which TenneT is exposed. It also regularly assesses the design and effectiveness of the risk management and internal control system. The results of these assessments are shared with the Audit, Risk and Compliance Committee, the Supervisory Board and the external auditor.

The risk management and internal control system does not provide absolute assurance that corporate objectives will be achieved, nor does it give absolute assurance that material errors, losses, fraud or violations of laws and regulations will not occur in the operational processes and/or the financial reporting.

With due regard to the above, the Executive Board is of the opinion that TenneT's risk management and internal control system has established that the financial reporting does not contain any errors of material significance and that the risk management and internal control system has operated adequately in the year under review.

Statement of responsibility

We confirm that, to the best of our knowledge, the financial statements for the period 1 January to 31 December 2017 have been prepared in accordance with IFRS, as adopted by the EU, and with Part 9, Book 2 of the Dutch Civil Code; that the disclosures in the financial statements are a true and fair view of TenneT's assets, liabilities, financial position and results as a whole; and that the disclosures in the annual report give a true and fair review of TenneT's performance, results and position, together with a description of the most significant risks and uncertainties we face. Furthermore, the Group has adequate resources to remain in operation and consequently the financial statements have been prepared on a going concern basis.

Arnhem, 20 February 2018

J.M. Kroon *
B.G.M. Voorhorst *
O. Jager *
A.A. Hartman
W. Breuer

*Statutory Director