Triodos Bank enters into various transactions with related parties, as part of the normal course of business,

Related parties of Triodos Bank include, among others, its subsidiaries, associates and key management personnel. Transactions between related parties include rendering or receiving of services, deposits, transfers under finance arrangements and provisions of guarantees or collateral. All transactions with related parties took place at arm's length.

There are no significant provisions for doubtful debts or individually significant bad debt expenses recognised on outstanding balances with related parties.

Overview of related parties transactions

 

Other related parties

Associates and joint ventures

Commission income

49,295

 

 

 

Commission expenses

3,695

 

 

 

Deposits

149,439

 

 

 

Interest income

400

 

 

 

Loan facilities and loan commitments (off balance)

100,000

 

 

 

Loans

6,135

 

1,000

 

Transactions with related parties

The commission income and commission expenses are related to fund management activities. The deposits and interest income are transactions following from regular banking activities, which are offered to the related parties at competitive rates. These transactions are interest fee and unsecured and are to be settled in cash.

Loans

The loan granted to associates is a subordinated loan provided to Merkur Bank. The maturity date of this loan is 30th of April 2026, to be settled in cash. The interest rate charged is 5%.

The loans granted to other related parties are provided to Hivos-Triodos Fund Foundation. The 6.135K consists of two loans that both mature on the 1st of January 2022, to be settled in cash. The interest rates on the loans are 2.63% and 3% respectively.

Loan commitments and facilities off balance

The loan commitments and facilities are off balance sheet credit facilities of TBNL that can be drawn upon by the other related parties.

These facilities are secured by means of collateral in the form of fund assets that cover the facility provided in full.

Key management personnel compensation

Transactions with key management personnel are transactions with related parties. The members of the Executive Board, supervisory board and the board of SAAT are considered to be key management personnel and their compensation is therefore included in the tables below.

The remuneration paid to the members of the Executive Board is as follows:

 

2020

2019

 

 

 

Fixed salary expenses

1,091

803

Pension expenses

90

73

Pension allowance for salary above 100.000

136

115

Private use company car

4

4

Social security expenses

48

41

Severance payment 1)

320

263

 

 

 

 

1,689

1,299

1In consultation with the Supervisory Board, Peter Blom announced to step down from his position as a Member of the Executive Board of Triodos Bank N.V. at the AGM 2021. A severance payment of 100% of his yearly salary was granted. This is in line with applicable regulations and will be paid out in 2021. Also in consultation with the Supervisory Board, Pierre Aeby stepped down from his position as a Member of the Executive Board of Triodos Bank N.V. on 18 May 2019. A severance payment of 100% of his yearly salary was granted. This was also in line with applicable regulations. The severance payment was paid out in 2020.

Other emoluments of the Executive Board:

 

2020

2019

 

 

 

Total other emoluments

38

-

The other emoluments relate to costs associated with relocation to the Netherlands.

Remuneration paid to the Supervisory Board:

 

2020

2019

 

 

 

Total compensation

172,000

149,681

Remuneration paid to the Board of SAAT

 

2020

2019

 

 

 

Total compensation

40,750

62,834

Loans and advances to key management personnel

The table below provides the loans that have been granted to the members of the Executive Board.

 

2020

2020

2020

2019

2019

2019

 

Amount

Average

 

Amount

Average

 

 

outstanding

interest rate

Repayments

outstanding

interest rate

Repayments

 

 

 

 

 

 

 

Jellie Banga

421

1.7%

12

433

1.7%

31

No other loans, advances or guarantees have been granted to members of the Executive Board, Supervisory Board members or members of Board of SAAT. For reasons of principle, no share option scheme is offered to members of the Executive Board, Supervisory Board members or members of Board of SAAT.