Dutch Banking Code
The Dutch Banking Code (‘the Banking Code’) came into force as of 1 January, 2010. It consists of a number of recommendations and principles aimed at ensuring the very best performance by banks. Its primary focus is on governance and it puts the interests of the customer at the heart of a bank’s activity, which ties in fully with Triodos Bank’s vision and Business Principles. The customer is a key stakeholder in all Triodos Bank’s activities and its mission.
Triodos Bank complies with the principles of the Banking Code, with the exception of one principle: Triodos Bank chooses not to have variable remuneration based on predetermined financial targets or achievements, as these can enhance a culture of taking inappropriate risks.
Triodos Bank monitors, identifies and addresses any occasions when it does not comply with the Banking Code on an ongoing basis. More information on Triodos Bank’s implementation of the Banking Code, including the full comply-or-explain statement as required under the Banking Code, is available on our website.
In September 2014, the Dutch Bankers’ Association (NVB) introduced a package of new developments for the banking industry called ‘Future Oriented Banking’. It includes a Social Charter, an updated Banking Code (’2015 Banking Code’) and rules of conduct associated with the Dutch bankers’ oath. The 2015 Banking Code came into force as of 1 January, 2015, and will therefore first be applicable to the 2015 financial year. Triodos Bank is currently in the process of reviewing the new best practices to see if its internal organisation needs to be further aligned and, if so, what steps need to be taken to ensure compliance with the 2015 Banking Code.