Our mission is to make money work for a sustainable society that has human dignity at its core. Our co-workers are essential to achieving this mission: we work together to instil a healthy, resilient and diverse co-worker community, and a culture that inspires us to bring out the best in ourselves, live our mission and realise and execute our strategy.

The year 2021 again challenged us to stay connected, on-board new co-workers, manage teams, and lead our bank predominantly from home. In doing so, Triodos and other financial institutions were among the frontrunners in adhering to government measures to mitigate the effects of the COVID-19 pandemic. Our responses to these restrictions have prepared the ground for a new post-pandemic hybrid working reality.

Under new senior leadership we are reviewing our operating model and organisational design to act as One Bank by collaborating and taking a Group-wide perspective in what we do.

The following table provides a summary of progress against our key co-worker objectives for 2021, published in the 2020 annual report. The content in this table is explored in more depth in the text that follows.

95%

of our co-workers have been trained in FLOW-dialogues focussed on long-term development

Our key objectives for 2021

How we did

Progress at a glance

Leverage the advantages of hybrid working

Reduce office cost by physical concentration of activities by moving to De Reehorst and by renting out one of the two Head Office (HO) buildings in Madrid.

In the Netherlands, all HO co-workers have relocated to De Reehorst and the two former HO buildings in Zeist have both been sold. TBES has only one office building open in Madrid and TBUK retained their office space despite a 10% headcount increase since the start of COVID-19.

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Retain the hybrid way of working after COVID-19, allowing for more work location flexibility.

During the short period with less restrictive COVID-19 measures in place the virtual way of working was retained (NL). On average, co-workers spent 70% of working hours at home; 30% was office-based. We have capped office activity, with no more than 30% of all co-workers in the office at any moment. Individuals get substantial flexibility about their working locations.

Target post-COVID-19 office occupancy rates have been established locally (NL / TBBE / TBDE / TBUK). A work from home allowance has been introduced in (NL / TBUK / TBBE) to support working from home.

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Lower CO2-emissions

With an average office occupancy of 20%, we have considerably reduced CO2-emissions from commuting and business travel.

A new mobility policy has been introduced (NL) stimulating the use of (more) sustainable means of transport by for example facilitating and reimbursing multimodal commuting.

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An approach will be defined to support co-workers and managers in this new way of flexible working, taking account of the role of leadership, diversity and inclusion, behaviours and the Make Change Work themes.

An introduction to 'The new way of remote working' has been prepared and shared with managers for discussion and use with their teams (NL). Hybrid cooperation workshops were held with managers and teams, with each team preparing their own hybrid cooperation charter (TBBE).

Conversations have been enabled around embracing hybrid working without losing the connection with the Triodos culture and community (TBUK). Several COVID-19 pulses provide information about how co-workers manage the context and action plans were developed as consequence of the survey results (TBUK / TBES).

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Equity, diversity and inclusion

An international survey will be conducted in 2021 focusing on equity, diversity, and inclusion (EDI).

A baseline Group-wide survey on EDI was conducted and the results shared with our co-workers on Engage and in the Triodos Community Meetings.

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A diverse group of co-workers is being brought together to act as a sounding board and validate our approach.

A sounding board (the Triodos Inclusion Forum) advises on EDI matters (TBUK / TBNL).

Local EDI agents have been appointed (TBDE / TBES) to increase local awareness and Group alignment. Based on the input from the survey, the Identity Working Group, and from various local initiatives, a Group-wide internal EDI campaign ’From Green to Colourful' was launched in November.

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A vision paper will be created to establish a common understanding of diversity and inclusion and the goals we want to pursue as Triodos Bank.

We are collecting input for the vision paper. Dialogue sessions with the Identity Working Group, Executive and Supervisory Board, Management, and co-workers is ongoing (NL, TBUK, TBBE).

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Learning organisation

Our learning organisation will be reinforced by the implementation of the Learning Hub (Learning Management System) across the Group, to provide transparency about learning opportunities and to support the establishment of the 'licence to operate' (covering most mandatory training) and functional curricula across our organisation.

Learning Hub, our new learning management system, has been rolled-out Group-wide. It now contains all Triodos academy programmes and most local learning programmes.

With the roll-out of various Group-wide mandatory e-learnings the Group licence to operate curriculum foundations are set and will be further added to and improved.

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FLOW-dialogues will be embedded within all teams across all levels of our organisation and by each colleague.

FLOW-dialogues are now replacing the traditional mid-year and year-end meetings. Over 95% of all co-workers have been trained, with special sessions for HR and managers. FLOW forms are digitalised and integrated in the HR Portal.

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● ● ● Met     ● ● ○ Mostly met     ● ○ ○ Partially met     ○ ○ ○ Not met

Organisational changes

The year was characterised by significant changes in senior leadership. In May, Peter Blom stepped down as Chief Executive Officer (CEO) of Triodos Bank after 20 years in the role. During the Annual General Meeting the Supervisory Board appointed Jeroen Rijpkema as the new CEO for an initial term of two years. In October the Supervisory Board announced its intention to extend the contractual term of appointment of Jeroen Rijpkema as Chief Executive Officer (CEO) from the initially agreed two years, to the regular term of four years.

Also in May, after consultation with the Supervisory Board, Jellie Banga stepped down from her role as Vice-Chair of the Executive Board and Chief Operating Officer. She left Triodos Bank after eight years on our Executive Board. In reviewing the scope of her responsibilities, it was decided to split her role into a Chief Operating Officer (COO) role focusing on the operating side of the bank and a Chief Commercial Officer (CCO) role focusing on the commercial side. This brings the total number of Executive Board members to five.

During the Annual General Meeting of 28 September the Supervisory Board appointed Jacco Minnaar and Nico Kronemeijer to the Executive Board of Triodos Bank as Chief Commercial Officer (CCO) and Chief Operational Officer (COO) respectively, effective from 1 October. Both were internal appointments. The Executive Board appointed Dick van Ommeren to succeed Jacco Minnaar as Chair of the Management Board of Triodos Investment Management as per 1 November 2021. With the new composition of the Executive Board T-IM is now reporting to the CCO.

As in 2020, and in response to increasing regulatory complexity and demands, teams dealing directly with this (Compliance, Risk, Customer Due Diligence, Customer Activity Monitoring and Fraud) have seen an increase in the number of co-workers.

Working efficiently

We are continuously evaluating our internal processes and ways of working. Working more efficiently is not only important given the focus on our cost-income ratio, but also relevant for an engaging co-worker experience.

2021 marked the third year of our ongoing initiative to drive change and deliver value via temporary Group-wide collaborations called domains. Multidisciplinary teams work together in eight domains, in areas such as: digitisation, regulatory demands, and data and reporting, impacting our customer experience, cost income ratio, and control framework.

Following the cross-border integration of our finance departments their processes and management information were streamlined, and service levels were improved. The Dutch operating unit and Head Office finance processes are now fully integrated. Reducing organisational requirements for co-workers in the Dutch customer contact centre realised a 13% efficiency improvement and increased job satisfaction for co-workers. The resulting quality improvement and improved performance directly translated into faster and better service to our customers.

In a restructuring of the Business Banking function in the UK operating unit responsibilities have been redistributed into more specialised roles, focusing on different parts of our customer journey, and strengthening the technical support to the account teams.

The Business Banking team in Belgium re-organised itself with stronger technical support to increase its ability to quickly shift focus between different market sectors and to be more pro-active towards the market and have stronger technical support.

Hybrid working

Our Group-wide co-worker community discussed the desired post COVID-19 way of working, in a variety of formats and settings. One thing we learned is the importance of staying connected to each other and to our mission for our co-worker's well-being and productivity. For Triodos, it is key to maintain a constant dialogue about the balance between co-workers’ individual preferences and their responsibilities.

We actively support hybrid working in numerous ways. A learning channel on remote working was made available to all co-workers in the beginning of 2021. An introduction to 'the new way of remote working' has been prepared, discussed, and shared with managers and their teams. Managers received training in how to manage in a more digital environment. Conversations have been enabled around embracing hybrid working without losing the connection with the Triodos culture and community. A more general suite of manager trainings has been provided for all people managers during 2021 to ensure managers skills remain current and relevant to the hybrid working environment.

In general, our co-workers expressed a preference for two to three days of remote working a week. This enabled us to relocate all co-workers of HO to De Reehorst and sell our two former office buildings in Zeist. Similarly, in Spain, only one of our office buildings was retained in Madrid. With on average 20% of our co-workers in the office CO2-emissions from commuting and business travel reduced proportionately.

A new mobility policy in the Dutch and Belgian operating units stimulates the use of (more) sustainable transport by facilitating and reimbursing multimodal commuting.

Learning organisation

Despite the ongoing COVID-19 measures we have run our entire Visionary Leadership Programme, Management Development and Senior Relationship Management Programme.

In 2021, our online learning management system (the Learning Hub) was rolled out across the Group. This now containing all Triodos Academy programmes and most of the local learning programmes.

The Group level Compliance and Risk curriculum is now available in the Learning Hub for all Triodos co-workers. E-learning modules such as, for example, General Risk and Compliance, Anti-Money Laundering, Personal Data, and Anti-Bribery and Corruption are targeted to all and have received great feedback from our community.

Learning is a prominent part of the regular FLOW-Dialogues between managers and their team members. Overall, 95% of all co-workers have been trained in FLOW-Dialogues, with special sessions for HR, managers, and with some co-workers acting as co-trainers. FLOW forms are digitalised and integrated in the HR Portal, and continuous FLOW-Dialogues are now replacing the traditional one-off mid-year and year-end meetings.

Co-workers at Triodos Investment Management (T-IM) received training on MiFID II requirements. T-IM passed an important regulatory hurdle in 2021 following the successful assessment of its MiFID II competencies, allowing T-IM to now offer investment MiFID-services to institutional professional clients.

At the UK operating unit, all people managers attended a new management development programme (Soar), the core management team participated in the leadership development programme, senior co-workers were trained in the Make Change Work behaviours, 80% have now received Insights training, and the regulatorily required trainings following subsidiarisation were completed.

In the context of a leadership development programme the business relations leadership team in the Netherlands adopted a new way of inviting and supporting improvement initiatives from the team, resulting in a more positive mindset towards change and improving our change capabilities.

Equity, diversity & inclusion

A mission to help create a society that has human dignity at its core does not guarantee having an inclusive company culture. We work hard to walk our talk and foster a culture in which Triodos Bank co-workers and candidates feel included, valued, and respected.

We have taken steps to learn about blind spots, unconscious bias and what co-workers think is important regarding EDI. We conducted a survey on the topic in 2021. The survey results showed that co-workers think that diversity and inclusion are important topics and wish that we pay more attention to it and align our vision with future ambitions.

Based on the responses, an EDI year plan 'From Green to Colourful' for 2022 has been approved by the Executive Board. The year plan aims to create more awareness, address unconscious biases, create a safe environment for dialogues sessions and kick-start self-driven initiatives.

An all-inclusive experience day was held, which highlighted inclusiveness from societal, customer and Triodos Bank points of view. It kicked off internal dialogue sessions with senior leadership, management, and other co-workers about what Triodos Bank sets in motion now and in the future to move towards a society where everyone counts and can participate.

At Triodos Bank Netherlands branch (Retail Banking) a mirror-management team (MT – Inclusive Bank) has been appointed. In the UK, the Triodos Inclusion Forum advises on EDI matters.

Further to an EDI inspiration day the Belgian operating unit implemented an action plan to hire experts and managers with a diversity of nationalities and cultural backgrounds. Mandatory (bi-)annual awareness trainings are in place and co-worker documentation was rewritten to be more inclusive.

Following its EDI strategy established in 2019, Triodos Bank UK has gone from less than 10% offers to diverse candidates in 2019 to 28% offers to diverse candidates in 2021.

Whilst remuneration within Triodos Bank is neutral for all co-workers, without regard to gender, ethnic background, age, sexual orientation or distance from the labour market, a gender pay gap could still occur. Anticipating the new EBA guidelines on sound remuneration policies we made a first gender pay gap and gender pay bias analysis based on the remuneration data of our Dutch Collective Labour Agreement population. In the UK, Triodos Bank has been reporting on this for some years, following local reporting guidelines and has implemented a road-map of actions to reduce the gender pay gap.

Ongoing societal developments affecting EDI topics require continuous learning and reorientation. The Diversity and Inclusion Officer works closely with the Learning and Development Team, the HR Director, Corporate Communications, and the Executive Board to make EDI-related change happen.

Well-being

The physical safety and mental well-being of co-workers are our primary concerns. The continuously changing context created by COVID-19 poses different challenges for everyone in the organisation. We do our best to provide support in a variety of areas. Professional mental support, continued access to the office (if desired), home office equipment, childcare support and care leave arrangements have been provided. We offered three fully booked and warmly received open-enrolment work sessions focousing on 'turning restrictions into strength', with external coaches about the impact of working under COVID-19 restrictions and the new possibilities that these experiences can offer for now and for the future of work. Our co-workers in the Netherlands nominated us '(home) employer of the year'. We were awarded the regional title.

We regularly sent briefings to managers focusing on the well-being of their teams. We saw that in many cases hybrid working helped to maintain a good work-life balance and supported the reintegration and flexibility of sick co-workers.

Using various pulse surveys, we stayed in touch with co-worker’s well-being. Well-being is a recurring topic in FLOW-Dialogues. In the UK, counselling is provided on financial well-being.

Prospects for 2022

2022 will be a challenging year from a Human Resources perspective. We will implement a hybrid way of working without government measures requiring us to work from home as much as possible. We will continue to work on and implement measures to realise our One Bank strategy, which includes reviewing our Target Operating Model to achieve further efficiencies and cost savings, and preparing the organisation to be technically and organisationally ready for the implications on ways of working for our MTF listing.

To make EDI part of our DNA we will review our succession planning for the realisation of our mid-term EDI targets for the Supervisory Board, Executive Board, and one management level below the Executive Board. The Group-wide EDI year plan, From Green to Colourful will be further rolled out with dialogue sessions and the activation of self-driven initiatives. Triodos Bank will perform an in-depth gender pay gap analysis in 2022, conforming to EBA guidelines.

The Compliance and Risk and general Group awareness curriculum will continue to grow in 2022. We will train Value Ambassadors to share our Triodos mission and vision in their own words and to make their story our story. The Value Ambassadors will engage in dialogues about the essence of Triodos Bank in our values-based programmes for co-workers or in conversations and meetings with other stakeholders.

A differentiated framework for talent identification, development and talent retention for various groups of co-workers will be developed. We will create the infrastructure for talent and succession management of our leadership roles. In doing this, we will further define the required leadership qualities and behaviours. This will allow us to articulate expectations, define future skill-sets and adapt our leadership development programmes.

Beginning in 2022 we will implement a Group-wide continuous listening platform. This will conduct an annual co-worker engagement survey along with two shorter pulse surveys to follow up on key areas. With this new digital platform, we aim to mobilise co-worker voices with a community-based approach.

On these and other topics the dialogue with our Works Council and the insights shared by the OR-Café are appreciated, and will continue to be going forward.