Introduction to the Report of the Supervisory Board

FMO enjoyed another successful year in 2011, achieving its targets in terms of development impact, sustainability, new commitments and financial results - all areas to which the Supervisory Board pays close attention. FMO's operating environment became riskier during the year, both on the financing and funding side.

This demanded great commitment from the Management Board and all FMO's employees, to whom the Supervisory Board would like to express its appreciation and thanks.