It has its origins in the Code Tabaksblat, which was drafted by the Corporate Governance Committee (Tabaksblat Committee) and published on 9 December 2003. This document includes the Code itself, as well as a preamble and an explanation of certain terms used in the Code.
On 30 December 2004, the legislator designated the Dutch Corporate Governance Code as a code of conduct to which listed companies should refer in their annual report. They should indicate to what extent they have complied with the principles and best practice provisions ("the comply or explain principle").
As stated above, the Code is mandatory for listed companies. Since NWM N.V. is not a listed company, the Code is therefore not mandatory. However, given its standing in the Netherlands, the Managing Board has chosen to adhere to the Code Frijns as much as possible.