Strategic
Every year, the strategy is evaluated by the Management Board and adjusted where necessary. The strategy covers a five-year period, and contains detailed budget proposals for the first year. Budget proposals are produced taking a bottom-up approach based on letting contracts and projects, while the strategy, together with corporate objectives, is formulated top-down. These two processes meet at various levels, first at the business units, where the business unit management has to match the outcome of the budget process with the strategy, secondly they meet at the level of business units and Management Board, and finally they meet at Management Board and Supervisory Board level. This process ultimately results in the setting of targets for both the short term and the long term. During this process, opportunities and important business risks are identified and the corporate objectives and strategy are evaluated and adjusted as required. A description of market developments, their impact on strategy and the way in which Corio is responding to them is contained in a separate section on strategy in this annual report.
Decisions are taken on the basis of the strategy, and are approved by the Management Board. Special cases, as laid down in the Management Board rules, require the approval of the Supervisory Board. All decisions taken by the Management Board and Supervisory Board are minuted.
Source: Annual Report 2008, Chapter Corporate governance, page 129 (PDF, 72 kB)
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