Related party transactions

30 Related party transactions

Related parties are entities affiliated with Stedin Group in which key management (or their family) of Stedin Group has reporting or partial control or decisive influence. Associates and joint ventures are related parties of Stedin Group. Related party transactions take place on terms of business normally prevailing with independent third parties.

Receivables outstanding from associates concern loans granted for an amount of €17 million (2021: €19 million) and are mainly of a long-term nature. In 2022, €2 million in loans were granted and €4 million in repayments were received. The loans have a term of six years, at interest rates varying from 0.3% to 2.6%. Receivables and liabilities in respect of related parties are not covered by collateral and are paid by bank.

Related parties in which members of the Supervisory Board or members of the Board of Management are or were involved are as follows:

• Stichting Zeeuwse Publieke Belangen is coordinated from within Stedin Group under the Samen Sterker programme. Its governing board is composed of the following individuals: David Peters (Stedin Group), Koen Verbogt (Stedin Group), Carla Schönknecht (province of Zeeland) and Loes Meeuwisse (Association of Municipalities in Zeeland). The fund is financed by Stedin up to a maximum of €10 million. In 2022, the governing board of the foundation committed €0.8 million and paid out €0.5 million.

• The object of Stichting OUNZ (OUNZ foundation) is to hold ownership of the rights of principal superficies with regard to the grids of DNWG Group and to provide rights of subsuperficies with regard to the gas grids as well as the electricity grids to DKCN, Evides and Enduris in order to carry out grid manager tasks. Stedin has the right, through Enduris, to appoint one of the three directors of Stichting OUNZ. The value of the rights is not material, and there are no other material financial transactions between Stedin and OUNZ.

• The chair of the Supervisory Board, Doede Vierstra, is a member of the board of Stichting Nyenrode, a Dutch business university. Nyenrode Business University is a supplier of Stedin Group.

• Supervisory Board member Annie Krist is CEO of GasTerra, which engages in trading and supplying natural gas. Stedin Group has no direct relationship with GasTerra.

• Supervisory Board member Arco Groothedde is a member of the Supervisory Board of DSW, a health care insurance company. Stedin Group has no direct relationship with DSW.

• Supervisory Board member Hanne Buis is COO of Royal Schiphol Group until 1 February 2023. Stedin Group has no direct relationship with Royal Schiphol Group.

• Supervisory Board member Theo Eysink is CFO of the Business Market Division of KPN N.V. KPN is a supplier of Stedin Group.

• The chair of the Board of Management, Koen Bogers, is Global Partner at Bloxhub and adviser at Techleap. Stedin Group has no direct relationship with either Bloxhub or Techleap.

• Board of Management member David Peters is a governing board member of E-Laad, board member of EDSO and member of the Supervisory Board of GOPACS. EDSO and GOPACS have a cooperative alliance with Stedin Group. E-Laad is a supplier of Stedin Group.

• Board of Management member Danny Benima is a member of the Supervisory Board of EDSN and a board member of the Dutch energy data exchange organisation NEDU. EDSN and NEDU have a cooperative alliance with Stedin Group.

The aforementioned persons were not involved in commercial transactions between the named suppliers and Stedin Group. Contract reviews, negotiations or awards between Stedin Group and the companies named were effected at arm’s length terms and conditions.

For details on the remuneration of members of the Board of Management and the Supervisory Board, see note 6 Personnel expenses The persons qualify as ‘key management personnel’ as defined in IAS 24. There is no other relationship between the members of the Board of Management and Supervisory Board and Stedin Group except that of customer on normal arm’s length terms and conditions. Based on the wage definition under the WNT, the remuneration of Board of Management and Supervisory Board members for 2022 amounted to €982,800. The total remuneration of the Board of Management and Supervisory Board members for 2022, including social security contributions and pension expenses, in accordance with Section 383 of the Dutch Civil Code, amounted to €1,132,136.

Other relationships with parties:

• The municipality of Rotterdam is the largest shareholder of Stedin Group (approximately 31.7%) and has significant influence. There is no relationship other than the shareholder relationship, except that of customer and supplier at normal arm’s length terms and conditions. Stedin Group applies the exemption from detailed disclosures on related party transactions with government-related entities (IAS 24.25).

• Stedin takes initiatives in the areas of innovation and improving sustainability and actively maintains alliances and associations with various stakeholders. Collaboration can take various shapes, such as through Netbeheer Nederland or on a project basis, as a sponsor or more systematically through foundations, such as Stichting ElaadNL, Stichting EVnetNL, Stichting Flexipower Alliance Network or USEF, in which Stedin can participate as a director. These parties are not related parties.

As of 1 January 2022, TeslaN has merged with TensZ and TeslaN has been liquidated.