Dutch Banking Code
The Dutch Banking Code (‘the Banking Code’) came into force as of 1 January 2010 and has been revised in 2014. The Banking Code is part of a package of new developments for the banking industry called ‘Future Oriented Banking’ introduced by the Dutch Bankers’ Association (NVB). The package includes, besides the revised Banking Code, a Social Charter and rules of conduct associated with the Dutch bankers’ oath.
The revised Banking Code came into effect on 1 January 2015. 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 the banks’ culture. 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 at www.triodos.com/governance.