Governance  Differences between Dutch and US company laws 112 Differences between Dutch and  US company laws The Supervisory Board performs supervisory and advisory  functions only and its members are outsiders that are not  employed by the company. The Supervisory Board has the  duty to supervise the performance of the Executive Board, the  company’s general course of affairs and the business connected  with it. The Supervisory Board also assists the Executive Board by  giving advice. Other powers of the Supervisory Board include the  prior approval of certain important resolutions of the Executive  Board. Members of the Supervisory Board are appointed for  a four-year term and may be dismissed by the General Meeting of  Shareholders. The remuneration of Supervisory Board members  is fixed by the General Meeting of Shareholders. Resolutions  entailing a significant change in the identity or character of the  company or its business require the approval of the General  Meeting of Shareholders.  Dutch company law is different from US law in the following  respects: Aegon, like most large Dutch public companies, has  a two-tier governance system involving an Executive Board and  a Supervisory Board. The Executive Board is the executive body  and its members are employed by the company 1 . Members of  the Executive Board are appointed and dismissed by the General  Meeting of Shareholders, as inside directors are in the United  States. The Remuneration Policy as regards the members of  the Executive Board is adopted by the General Meeting of  Shareholders. The number of the Executive Board members and  the terms of their employment are determined by the Supervisory  Board within the scope of the adopted Remuneration Policy.  1 As a result of a change in Dutch corporate law, with effect of 1 January 2013, new members of the Executive Board will not be employees of the company,  but will enter into engagement agreements with the company regarding their position as member of the Executive Board. Annual Report 2013