30. Related party transactions

Related parties of Stedin Group (within the meaning of IAS 24) include, among others, entities in which key management personnel of Stedin Group (or close members of their family) have control or significant influence or in which they are also key management personnel, as well as associates and joint arrangements and some shareholders 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 € 12 million (2022: € 17 million) and are mainly of a long-term nature. In 2023, € 2 million was issued in loans and € 8 million was received in repayments. The loans have a term of five 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. Its governing board is composed of the following individuals: David Peters (Stedin Group), Rikus van den Kieboom (Stedin Group), Dick van der Velde (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 2023, the governing board of the foundation committed € 2.1 million and paid out € 0.6 million.

• The object of Stichting OUNZ (OUNZ foundation) is to preserve the rights of principal superficies with regard to the grids in the province of Zeeland and to provide rights of subsuperficies to DKCN, Evides and Stedin in order to carry out grid manager tasks. Stedin has the right 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, and is an associate member of the International Gas Union. Stedin Group has no direct relationship with GasTerra. Stedin Group has a cooperative alliance with International Gas Union.

• 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 was 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. EDSN has a cooperative alliance with Stedin Group.

• Board of Management member Trudy Onland is a member of the Supervisory Board of Gelderse Vallei Hospital. Stedin Group has no direct relationship with Gelderse Vallei Hospital.
  

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 of the remuneration of the Board of Management and Supervisory Board members, see 6 Personnel expenses. There is no other relationship between the Board of Management and Supervisory Board members on the one hand and Stedin Group on the other hand except that of customer on normal arm’s length terms and conditions.

Other relationships with parties:

• The municipality of Rotterdam is the largest shareholder of Stedin Group (approximately 27.9%), owns the N2 share (see 22 Group equity for more information) 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).

• The Dutch State also has significant influence, due to the N1 share, among other things (see 22 Group equity for more information). 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.