Monitoring Committee Corporate Governance Code
The committee that monitors compliance with the Dutch Corporate Governance Code, reports on it and updates the Code. It was responsible for, among others, the revised Code of 2016 and the 2025 Code with the Risk Management Statement (VOR).
Source: Monitoring Commissie Corporate Governance Code; Nederlandse Corporate Governance Code 2016, 2022 en 2025; Monitoring Rapport boekjaar 2024 (16 december 2025)
The Monitoring Committee Corporate Governance Code tracks how listed companies apply the Dutch Corporate Governance Code, reports on it and amends the Code where necessary. The Code itself is the product of self-regulation and works on a comply-or-explain basis.
The first Corporate Governance Code appeared in 2003 (the Tabaksblat Code). Under the chairmanship of Jean Frijns the Code was amended in 2008, and under Jaap van Manen it was revised in 2016. That revised Code gave the internal audit function its own principle, 1.3. An update followed in December 2022, including an assessment of the internal audit function by an independent third party at least once every five years. In March 2025 the committee, chaired by Rob van Wingerden, updated the Code again, with the Risk Management Statement (VOR) as its main addition.
The committee publishes monitoring reports on compliance. The Monitoring Report on financial year 2024 was published on 16 December 2025 and was a baseline measurement of all reporting provisions of the 2022 Code at 136 companies. Compliance counts as application plus a sufficiently reasoned departure; it was 79% across all companies and 86% for companies listed in the Netherlands. The first measurement of the Risk Management Statement follows in the report on financial year 2025. Earlier, in its report on financial year 2020, the committee emphasised the quality of explanations: compliance is not a box-ticking exercise.
The Internal Audit Monitor of ONE Risk Advisory, IIA Netherlands and Nyenrode Business University builds on this by examining the provisions on the internal audit function at listed companies in detail.
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Frequently asked questions
What does the Monitoring Committee Corporate Governance Code do?
It monitors compliance with the Dutch Corporate Governance Code, reports on it and updates the Code, as in 2016, 2022 and 2025.
When will it be known how companies apply the VOR?
The first measurement follows in the Monitoring Report on financial year 2025. No date has been announced; the report on financial year 2024 was published on 16 December 2025.