Report of the Supervisory Board to shareholders

BAM’s 2019 financial results were disappointing. In July, the Company unfortunately had to issue a profit warning due to higher costs on several projects in Germany and a project of BAM International. As a consequence, the outlook for the full year was lowered to an adjusted result before tax margin of around 1 per cent, considerably below the current strategic target range of 2 to 4 per cent. With an adjusted result before tax of € 74.1 million and a corresponding margin of 1.0 per cent, the lower outlook has been met.

The profit warning constitutes a serious setback in achieving predictable performance in line with the strategic targets, which is an important goal of BAM’s strategy for 2016–2020. We asked management to make an in-depth root cause analysis for the projects involved, including action plans to remediate shortcomings, and discussed this extensively with management. Special attention was paid to BAM Deutschland which was responsible for the biggest part of the profit warning. We agreed with the measures taken by management to de-risk this operating company and replace management. 

An important step to accelerate the implementation of BAM’s strategy for 2016–2020 was the strengthening of the top structure in April 2019 by the establishment of an Executive Committee and the split of the Company’s activities in two clear business lines: construction and property and civil engineering. In addition, the mandate of the functions (Finance, IT and HR) has been strengthened. These changes should lead to more focus on the strategic priorities and effective implementation of the measures aimed at preventing the situation as occurred in 2019.

In the year under review, the economies in BAM’s European home markets continued to do well with healthy investment levels in both construction and property and in infrastructure. BAM International still felt the effect of a soft oil and gas market. In the Netherlands, the Company was suddenly confronted with restrictions coming from new regulations regarding soil contamination and nitrogen emissions. Although the impact in 2019 was limited, it will likely influence Dutch construction and infrastructure markets in 2020 and beyond. A more cautious approach is also warranted as Brexit, the trade war between the USA and China and political instability in general may have a negative impact on the global economy. On the other hand, the energy transition that is needed in view of climate change will require major investments in the built environment with a lot of opportunities for BAM.

In our discussions with management, we also paid attention to the financial resilience of the Company. Although profitability in 2019 was well below the desired level, business cash flow was positive, particularly due to strong working capital management. At the end of the year, the Company had (again) a healthy net cash position, while during the year the Company did not need to use its revolving credit facilities and stayed well within the covenants agreed with banks. Nevertheless, the capital ratio of 16.5 per cent is below the desired level. Improving this ratio, especially through increased net profits, is an important priority for BAM.

We announced - with a press release of 17 February 2020 - that by mutual agreement it has been decided that Rob van Wingerden will not be nominated for a next term as CEO and member of the Executive Board. The end of the current strategic cycle provides a natural moment for Van Wingerden to transfer the helm. The Supervisory Board has initiated the search for a successor, who will be leading the next stage of BAM’s development, including the preparation of a strategic update. Mr Van Wingerden has steered BAM in turbulent times with a clear vision of what is needed to deal with the challenges of the future. By introducing the One BAM concept he provided the basis for the transformation process that the Company is going through. With over thirty years of loyal service to BAM, the Supervisory Board can only be grateful for Rob van Wingerden’s contribution, vision and leadership.

2019 Financial statements and dividend

This annual report, which is based on the International Integrated Reporting Framework, includes the 2019 financial statements, duly prepared by the Executive Board. The financial statements have been audited by the external auditor, Ernst & Young Accountants LLP; the unqualified independent auditor’s report is included in this Integrated Report (Combined independent auditor’s report).

The Audit Committee discussed the draft financial statements with the Chief Executive Officer, the Chief Financial Officer and the external auditor. The Audit Committee also discussed the auditor’s report, the management letter and the quality of internal risk management and control systems and had a discussion with the external auditor without BAM’s management being present. Subsequently, our full Board discussed this integrated report, including the financial statements with the Executive Board in the presence of the external auditor. We took note of the reporting from the Audit Committee and reviewed the auditor’s report and the quality of internal risk management and control systems. We concluded that we agree with the 2019 financial statements.

In establishing the dividend, both BAM’s dividend policy which is based on net profit and the capital ratio have to be considered. The Supervisory Board agrees with the proposal of the Executive Board to distribute a dividend of €0.02 per share.

We recommend the Annual General Meeting to be held on 15 April 2020, to adopt the 2019 financial statements. We are of the opinion that the financial statements, the report by the Executive Board and the report by the Supervisory Board provide a solid basis on which to hold the Executive Board accountable for the management policies pursued and the Supervisory Board accountable for its supervision on these policies. The members of the Supervisory Board have signed the financial statements in accordance with their statutory obligations under Article 2:101, paragraph 2 of the Dutch Civil Code.

Strategy and operational plan

BAM’s strategy for the period 2016–2020, Building the present, creating the future, aims to prepare the Company for the future while improving performance and increasing predictability of results. The goal is to transform BAM from a fairly traditional, highly decentralised construction Company to a much more cohesive Company that uses internal synergies and scale to improve its competitiveness and that applies digital innovation and industrialisation as key elements in the construction process.

When we evaluated the profit warning, we also extensively discussed the status of the implementation of the 2016–2020 strategy. We supported managements’ conclusion that the strategy is still largely valid and that most root causes for the profit warning are covered by existing improvement programs. We agreed that further priority setting was needed and that focus should be on more selective tendering, strengthening of project management processes and capabilities via the Uniform Project Approach for larger projects, strengthening of project controlling across all business units and reinforcement of performance management to enhance a performance culture across the Company. Regarding the business portfolio we agreed with management’s intention to bring more focus in the activities of BAM International and to continue focusing BAM Deutschland on five urban regions.

An important element in BAM’s strategy is the One BAM concept, introduced to improve management control and to reap the benefits of scale by sharing knowledge, resources, systems, processes and innovations across the Company. Since BAM comes from a highly decentralised organisation with strong local autonomy, this involves a major transformation. The establishment of the Executive Committee and strengthening of the mandate of the corporate functions is aimed at managing this process properly. We agreed with the Executive Committee that priority should be given to those items that contribute to improved and predictable performance in the short term.

As most of the losses in the past years come from large projects, these projects represent a strategic issue for BAM. Most of these projects are in the civil sector for public sector clients and often not only involve the construction, but also the design, financing and maintenance. This type of unique and complex projects should enable BAM to win work through its engineering expertise, thus giving access to higher margin work. These projects are also important to retain high level expertise, attract talented professionals and maintain an internationally competitive construction industry. However, these projects require a better balance between risks and rewards. Management informed us on the ongoing discussions with clients on different approaches to the tendering of such projects. In the meantime, we support management’s position that BAM will no longer tender for projects where the rewards are not in line with the risks it is willing to assume.  

Based on the BAM strategy, the operating companies and corporate functions prepared operating plans for 2020, which were consolidated into the operating plan for the Group. We discussed the outlines and 2020 priorities in our meeting in November and approved the 2020 operating plan in our January 2020 meeting. We also discussed the framework and process for developing the strategic agenda for the period 2021–2025.

Risk management

As proper risk management is the key to predictable performance and therefore shareholder value, this continued to be high on our agenda. The tender stage gate process plays a pivotal role in the early identification of potential risks and taking appropriate measures to mitigate these. We closely monitored the continuous development and improvement of this process. We fully supported management’s actions to become more critical and selective in the early phase of tendering processes. It must be noted that the tender stage gate process alone cannot prevent all risks from occurring. It does however help to focus on projects where BAM can achieve appropriate margins without running unacceptable risks.

In order to further strengthen operational risk management, the Company has embarked on bringing together and rolling out best practices in tendering for and execution of projects. Management kept us informed about the first eight modules of this Uniform Project Approach or UPA, developed in 2019, which will be mandatory for all large projects as per 1 January 2020. Further modules are being developed and rolled-out gradually once available.    

Next to its customary activities and reviews of internal processes, the internal audit team continued with auditing a number of high exposure projects, resulting in recommendations to improve project control. Several large projects in the tender phase were presented to our Board in regular and extra meetings. We reviewed these projects with a main focus on risks, how these were managed and how these impacted the pricing of the projects.

As part of our annual risk management review, we discussed in our November meeting the outcome of the 2019 Enterprise Risk Management assessment in the presence of the Governance, Risk and Compliance officer. This annual assessment provides an overview of the biggest risks the Company is facing in relation to achieving its objectives, both strategic and operational. The top 10 risks and related mitigation measures were discussed. In the 2020 operating plans of the operating companies and corporate functions specific attention is being given to these risks. The Governance, Risk and Compliance officer also informed us about the status of the adherence to the Minimum Requirements Framework, which provides minimum standards regarding (risk) controls throughout the Group.

We concluded that the Group has in place internal risk management and control systems, financial reporting manuals and procedures for drawing up financial reports, as well as an established monitoring and reporting system. We expect that the new top structure will further strengthen the Company’s ability to manage risks properly.

Safety and sustainability

We agree with the Executive Board that safety is a very high priority for BAM and its people. We regret that after no fatalities in 2018 and the first three quarters of 2019, the Group had to report two fatalities in the last quarter of 2019, both in Belgium. We discussed both tragic accidents with management and appreciated how these were handled.

These fatalities, but also the (serious) accidents that occurred, show that safety needs permanent attention. BAM’s safety performance as measured by the frequency of incidents, was more or less stable compared to 2018 (IF BAM 2019 of 4.8 compared to 4.2 in 2018). We fully support management in its continuous efforts to further increase safety, not only through guidelines and instructions but especially by giving it consistent management attention and emphasizing the behavioural aspects. We took note of the positive feedback on the worldwide BAM Safety Day which is meant to increase awareness of the importance of safety.

With respect to sustainability, we believe that BAM is a leader in the construction industry. BAM’s corporate Sustainability director gave a presentation on progress regarding the relevant key performance indicators included in BAM’s strategy. Management informed us on the stakeholder survey performed under clients, partners and suppliers in which important themes in society were addressed, such as the energy transition, digitalisation, the circular economy and smart cities and the impact these will have on BAM and its stakeholders.

Shareholders and investor relations

We are of the opinion that an open and regular dialogue with shareholders and investors is important to explain the Company’s strategy and performance and to receive their feedback. We regularly reviewed the Group’s investor relations activities and shareholder base and were informed on the feedback given by shareholders, investors and analysts. We also took note of analyst reports regarding the Company.

Together with the Executive Board, we prepared the Annual General Meeting and evaluated it afterwards. We were pleased to note that all proposals were adopted by the General Meeting.

Corporate governance

Following the introduction of the Executive Committee in April 2019, an updated corporate governance compliance overview was published on BAM’s website, providing transparency on how BAM complies with the code. We approved the rules of procedure for the Executive Board/Executive Committee and for the Supervisory Board which were updated because of the introduction of the Executive Committee.

The Supervisory Board and the Executive Board are of the opinion that Royal BAM Group’s corporate governance is up to standard. Please refer to the corporate governance statement in the Integrated Report.

Discussions with external auditor

In early 2019, we assessed the performance of and relationship with the external auditor, based upon feedback from the Executive Board and the evaluation and recommendation of the Audit Committee. Based on this assessment, our experience with the external auditor and the external auditor’s expertise with regard to the construction industry in general and Royal BAM Group in particular, we recommended the General Meeting to re-appoint Ernst & Young Accountants LLP as external auditor responsible for auditing the 2020 financial statements of Royal BAM Group, which the General Meeting subsequently approved. Ernst & Young Accountants LLP attended the Annual General Meeting of 17 April 2019, reported on their 2018 audit and answered questions.

The audit plan for 2019 was presented to and discussed with the Audit Committee and our full Board and subsequently approved. During our review of the 2018 full year results and the 2019 half year results, we met with Ernst & Young Accountants LLP to discuss their reports. We established that the external auditor had received the financial information on which the financial reports were based and noted that the external auditor had discussed the information provided with BAM officers and the Executive Board. We took note of the reports and management letters as prepared by the external auditor.

In our February 2019 meeting, we discussed with the external auditor and the Executive Board the areas of emphasis related to the 2018 annual reporting as identified by the auditor, being: valuation of projects and revenue recognition (including variation orders and claims), valuation of deferred tax assets, valuation of goodwill, capitalisation of development costs, the application of IFRS 16, 9 and 15, accounting and reporting of German joint arrangements and reporting on non-financial information. Several of these topics were also discussed with the external auditor during our meeting in August. In that meeting also the impairment of capitalised development costs, the impact of the de-risking of a UK pension scheme and the implementation process for IFRS 16 (leases) were discussed.

Other activities and meetings

In addition to the items mentioned before, in each of our regular meetings, we discussed with the Executive Committee the state of affairs, the financial performance of the Group and the operating companies, development of critical projects, market developments and order intake, working capital and cash flow, the financial condition of the Group as reflected by the balance sheet, investments and divestments and the quarterly press releases. We also discussed and agreed with the proposal to join forces with Heijmans on asphalt plants. If applicable, our meetings featured a report on what had been discussed in meetings of the committees of our Board.

Other matters discussed included the integrated report and financial statements for 2018, the 2019 half-year report and interim statements, the reserve and dividend policy and the dividend proposal for 2018, the various effects of changes in the International Financial Reporting Standards (IFRS) on the Group’s financial reports, as well as compliance reports and material legal proceedings in which the Group is engaged.

The Executive Committee regularly updated us on the situation regarding a number of critical projects and tenders. In a number of instances, management of operating companies and key staff involved were invited to provide further information. Discussions focused mainly on the risks in these projects and how these are managed.

The new Group Controller presented his initial experiences in BAM and explained his views on the further development of the group control function. With the Governance, Risk and Compliance officer we had a discussion on integrity in the Group and the compliance program to safeguard this. We welcomed the establishment of the Ethics and Compliance Committee, under the leadership of the CFO, which will strengthen the robustness of monitoring and (when necessary) investigation. We also discussed and agreed with the (revised) code of conduct and supported the training program to increase the awareness of (dealing with) dilemmas. We paid attention to the overview of compliance reports and the possibilities for employees to report irregularities (speak-up culture).

In September 2019, we went to Berlin for our annual work visit. During this multiple day event considerable time was spent to evaluate where the Company stands from a strategic and operational perspective, as a starting point for the strategy for the period 2021–2025. The Executive Committee presented for each operating company a ‘snapshot’, representing an assessment of the condition of that Company, including improvements for both the short and the longer term. After this ‘inside–out’ view, an external consultant gave an ‘outside–in’ view of important developments in the construction market. He also highlighted the competitive environment. We also received presentations on progress regarding operational excellence and HR. In the discussions, we emphasised the need for prioritisation and focus on performance improvement. This was discussed further in our November meeting.

The second part of our Berlin visit was focused on the German market. We met with management and key staff of BAM Deutschland, Wayss & Freytag Ingenieurbau and BAM PPP and got presentations on market developments, business performance and major projects. We visited a number of projects in Berlin and were impressed with the quality of the work and relationships with clients.

A delegation of our Board met with the Central Works Council on several occasions. In addition, our full Board together with the Executive Committee met with the Central Works Council in May to discuss developments in BAM.

Our Board actively engages with the Executive Board as well as other senior management in order to ensure we receive the right information. The chairman of our Board had regular contact with the Chief Executive Officer and the chairman of the audit committee with the Chief Financial Officer. The chairman and other members met with senior managers in order to be briefed on specific topics such as HR, finance, corporate governance and internal audit.

We approved the remuneration report prepared by the Remuneration Committee. The remuneration report is included in this integrated report. The remuneration policy was not amended in 2019.

In 2019, we met on seven occasions in the presence of the Executive Board/Executive Committee. In addition, two telephone conference calls took place in relation to the profit warning early July. The attendance rate of the individual members at the meetings was as follows:


38 - The attendance rate of the individual members at the meeting

 

SB

AC

RC

NC

Mr H.L.J. Noy

100%

 

100%

100%

Mr K.S. Wester*

66.6%

100%

 

 

Mr G. Boon

100%

100%

 

 

Mrs C.M.C. Mahieu

100%

 

100%

100%

Mr M.P. Sheffield

100%

100%

 

 

Mrs H. Valentin

100%

 

100%

100%

*Mr Wester stepped down at the annual shareholder meeting in April 2019

We also met without management being present, to prepare for and evaluate board meetings. In addition, we met without management to evaluate the functioning of the Executive Board, to perform our self-assessment, to discuss a number of strategic and organisational matters and to discuss the remuneration of the Executive Board, including the determination of the variable portion of their remuneration for 2018 and the targets for 2019.

The Supervisory Board’s committees

The Supervisory Board has three permanent committees: an Audit Committee, a Remuneration Committee and a Nomination Committee. It is the task of these committees to support and advise the Supervisory Board concerning items under the committees’ responsibility and to prepare the Supervisory Board’s decisions regarding those items. The Supervisory Board as a whole remains responsible for the way in which it performs its tasks and for the preparatory work carried out by the committees. The committees submitted reports on their meetings to the Supervisory Board.

The Audit Committee
During 2019 the Audit Committee was composed of Mr Boon (chairman), Mr Wester (until April 2019) and Mr Sheffield. The composition is in line with the relevant provisions of the Code.

The committee met four times. The external auditor was present at all of these meetings. The chairman of the Executive Board, the Chief Financial Officer, Group Controller and the Internal Audit director also attended all Audit Committee meetings.

In addition to its regular tasks and responsibilities, the Audit Committee addressed the following specific matters in 2019: assurance plan 2019 of the external auditor EY, internal audit plan for 2020, impact of new reporting standard IFRS 16, material legal proceedings, development of working capital and cash flow, ROCE and valuation of key projects. In addition, developments relating to tax, IT (including IT general controls), insurance, treasury, compliance, risk management and pensions as well as the progress on the transformation of the IT and finance functions were monitored and reviewed.

The Audit Committee was briefed by the external auditor on relevant developments in the audit profession, especially those related to new IFRS reporting standards. The Committee met with the external auditor without the Executive Board being present and reported to the Supervisory Board on the performance of and the relationship with the external auditor. Furthermore, the chairman of the Committee regularly communicated on a one to one basis with the external auditor and the CFO. The Audit Committee considers the relationship with the external auditor to be effective.

Remuneration Committee
During 2019 the Remuneration Committee was composed of Mrs Mahieu (Chairwoman), Mrs Valentin and Mr Noy. The composition is in line with the relevant provisions of the Code.

One of the tasks of the Remuneration Committee is to make proposals to the Supervisory Board with regard to the remuneration policy, the terms of employment of the members of the Executive Board and the remuneration of the members of the Executive Board and the Supervisory Board. The remuneration of members of the Executive Committee, not being member of the Executive Board, shall also be subject to the approval of the Supervisory Board.

In February 2020, the Remuneration Committee submitted a proposal to the Supervisory Board regarding the short-term incentive for members of the Executive Board, based on the 2019 performance and the applicable criteria. The committee also prepared a proposal for the vesting of the long-term incentive plan 2017-2019. In addition, the committee submitted a proposal for the objective setting for the 2020 short-term incentive and the 2019-2021 long-term incentive.

The Committee evaluated the revised Shareholder Rights Directive and took the required actions to comply with it. This included proposals for the remuneration policies for the Executive Board and Supervisory Board that were subsequently approved by the Supervisory Board and will be submitted for shareholder approval to the AGM of 2020. As part of the preparation of these policies, the Remuneration Committee consulted several major shareholders, organizations representing shareholders and proxy advisors.

The Remuneration Committee prepared the remuneration report which also explains how the remuneration policy has been implemented in practice. The committee met six times. The Chairman of the Executive Board was present during parts of these meetings as was the Chief HR Officer and the Compensation and Benefits officer. The committee members consulted each other a number of times outside the context of a formal meeting.

Nomination Committee
During 2019 the Nomination Committee was composed of Mr Noy (Chairman), Mrs Mahieu and Mrs Valentin. Key task of the Nomination Committee is to make proposals to the Supervisory Board regarding the size and composition of the Supervisory Board and the Executive Board, regarding selection criteria, selection procedures, appointments and reappointments to both Boards as well as regarding assessment of their performance. The committee also monitors the Executive Board’s policy on selection criteria and appointment procedures for senior management and holds annual appraisals with the individual members of the Executive Board. Appointments with regard to the Executive Committee, not being Executive Board members, shall also be subject to the approval of the Supervisory Board.

The Nomination Committee met four times and members consulted each other a number of times outside the context of a formal meeting. Items discussed were the composition of the Executive Committee, reappointment of Mrs Mahieu and the vacancies in the Supervisory Board as well as potential candidates to fill these vacancies. The Committee discussed with the Chief Executive Officer and with the Chief HR Officer succession planning for senior management roles and the talent development program.

Composition and functioning of the Executive Board, Executive Committee and the Supervisory Board

Executive Board and Executive Committee
As of April 2019, an Executive Committee was established while the size of the Executive Board was reduced to two members, being the CEO and the CFO. In that context, Mr Bax, who had been re-appointed at the General Meeting of 18 April 2018 as member of the Executive Board for a period of one year, stepped down, effective 1 March 2019. The following persons were appointed to the Executive Committee: Mr J. Nelis as COO Construction and Property, Mr R. Vollebregt as COO Civil engineering, , Mr S. Finnie as Chief Business Excellence Officer and Mr van de Wynkele as Chief HR Officer. The CEO and CFO are also members of the Executive Committee.

We reviewed the performance of the Executive Board and Executive Committee and interviewed the individual Executive Committee members. We also consulted some major shareholders and other stakeholders on their views on BAM. Based on our own observations and information received, we gave feedback to the members of the Executive Board.

We established that none of the Executive Board members holds more than two supervisory board positions at large organisations or a position as chairman of such supervisory body. This is in line with the Management and Supervision (Public and Private Companies) Act and the Code. No conflicts of interest between the Company and members of the Executive Board and/or Executive Committee were reported.

Information about the individual members of the Executive Board is see Governance > Supervisory Board and Executive Board.

Supervisory Board
At the end of the Annual General Meeting on 17 April 2019, the second four-year term of Mrs Mahieu and Mr Wester as members of the Supervisory Board ended. Mrs Mahieu was reappointed for a further period of two years. We considered her reappointment desirable because of her expertise and from a continuity perspective as three of our members were appointed only relatively recently. Mr Wester, who retired, was succeeded as vice chairman of our Board by Mr Boon.

To fill the vacancy that arose due to the retirement of Mr Wester, at an Extraordinary General Meeting of shareholders on 6 November 2019, Mr R Provoost was appointed as member of the Supervisory Board. Unfortunately, Mr Provoost stepped down from the Supervisory Board in December due to personal circumstances. The process to fill the vacancy is ongoing.

Information about the individual members of the Executive Board is see Governance > Supervisory Board and Executive Board.

The Supervisory Board meets the requirements of the Code with regard to independence. In 2019 the Supervisory Board members did not have any other relationships of a business nature with the Company. None of the Supervisory Board members had more than five memberships of Supervisory Boards at Dutch listed companies or other large institutions. The Supervisory Board is not aware of any conflicts of interest between the Company and members of the Supervisory Board.

In February 2020, we performed our annual self-assessment with the support of an external consultant. The assessment consisted of interviews by the consultant with the individual members of our Board and the Executive Board as well the Company Secretary. The outcome of these interviews was presented by the consultant in an internal session of our board and we discussed the conclusions and suggestions for further improvement. Topics that were discussed included amongst others the financial performance of the Company, long term value creation, the succession for both the Supervisory Board and the Executive Board roles, the Executive Board evaluation process, balancing the agenda with short term and longer term topics and creating more time for reflective dialogue.

Diversity
Both the Supervisory Board as well as the Executive Board and Executive Committee recognise the benefits and importance of diversity in their composition. Diversity is not limited to gender, but also includes (among others) skill, background, experience and nationality. The profile for our board includes a minimum 30 per cent target for female and male board members. This target applies mutatis mutandis to the Executive Board and the Executive Committee.

Our present composition is in line with the profile for our Board. We meet the specific target on gender diversity and comply with the upcoming legal quota for female representation in supervisory boards of Dutch listed companies.

Neither the Executive Board nor the Executive Committee meet the target regarding gender diversity. In filling the recent vacancies in the Executive Committee, gender diversity got a high priority, without compromising on the other criteria for these roles. However, it appeared difficult to find female candidates with the right profile and those who were on the shortlist had other opportunities and did not choose for BAM. This is probably associated with the traditional overrepresentation of males in the construction sector. However, this is changing and we are confident that in the future this will be reflected in the Executive Committee.

Gender diversity at the top should also come from a more balanced composition in terms of gender at other layers in the organisation. Therefore, the Company pays specific attention to women in its management development programs to assure that the rise of women to senior management positions is warranted. In addition, external recruitment agencies are specifically instructed to identify and submit diverse candidates for senior management positions. Finally, the Company will take positive action in occurrences of equal suitability. It will however take time before these measures lead to achieving the target on gender diversity at the executive level.

Final comments

We are aware that tendering for work and execution of projects is often hard work. Unfortunately, that hard work was not fully reflected in BAM’s 2019 financial results. A better and more predictable performance is critical to strengthen credibility. The One BAM approach will help to increase BAM’s competitiveness by sharing knowledge, experience, resources and innovations. The capabilities of BAM’s people and their dedication to BAM and its clients, are key to the success of our Company. We want to thank management and all employees for their efforts and dedication to BAM.

Bunnik, the Netherlands, 20 February 2020
On behalf of the Supervisory Board,
Harrie Noy, Chairman


Rotterdam’s new art icon
The first art storage facility in the world to offer access to a museum’s complete collection − 151,000 artworks available for browsing by the public − completed its top levels in September 2019. This mirror-clad art icon − for which 1,664 mirrored façade panels were used − will also accommodate four professional restoration studios, two film booths, an educational space and a cinema. BAM Bouw en Techniek is set to complete the project in 2020, after which Depot Boijmans van Beuningen will open its doors to the public in 2021.
Sjarel Ex, Director of Museum Boijmans van Beuningen: There is nothing in the world that will look like our future depot. Standing in front of it, as it is currently being built, the façade reflects the whole environment. In other word, our new depot will uphold a mirror to Rotterdam. I really like this insight and view. The construction is progressing well and I am already looking forward to the moment that BAM will complete it.’

 

Name

Company