Providence Capital N.V. is an investment company holding a licence granted by the Netherlands Authority for the Financial Markets (AFM) within the meaning of Section 2:96 of the Act on Financial Supervision (Wet op het financieel toezicht) (Wft). As a result, Providence Capital is subject to supervision by AFM and De Nederlandsche Bank (the Dutch Central Bank) and governed by the requirements set in and by virtue of the Wft.
Povidence Capital N.V. has two policymakers working for Providence Capital N.V. on a full-time basis whose reliability and suitability have been assessed by AFM. One of these policymakers is also a director under the articles of association of Providence Capital N.V.
Both policymakers have a complete insight into the business activities of Providence Capital N.V. including the main risks to which Providence Capital N.V. is exposed, and have sufficient knowledge, skills and experience to be able to perform their duties adequately, The policymakers do not hold any ancillary positions which, in terms of time spent or work performed, might conflict with the work performed by them for Providence Capital N.V. and its clients.
The policymakers have general responsibility for Providence Capital N.V. and are more particularly responsible for wording the strategic targets, the risk strategy and international governance within the company. Furthermore, the policymakers monitor the integrity of the systems for accounting and financial reporting as well as compliance with laws and regulations.
Providence Capital N.V. has a Supervisory Board that effectively supervises the policymakers. The Supervisory Board acts with honesty and integrity, and with independence of mind, and is capable of excercising control over the administrative decision-making process within Providence Capital N.V.
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