Banking to make a positive impact. Read about our vision and values.
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 primary focus of the Banking Code 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 mission.
We comply 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 more risk.
We monitor, identify and address any occasions where we do not comply with the Banking Code on an ongoing basis. In a full comply-or-explain matrix, as required under the Banking Code, we elaborate on how Triodos Bank applies the principles and best practices of the Code. For more information see downloads below.
The main themes of the Banking Code and the way we address them are as follows:
The funds entrusted to Triodos Bank by its customers are lent to businesses and organisations whose aim is to create a more sustainable society. We ensure full transparency in respect of this policy. We are convinced that the key to successful banking lies in maintaining long term relationships with borrowing and savings customers. We have embedded this principle in our organisation in the following ways:
- We only offer products that favour our customers, and provide balanced and clear product information accordingly.
- We do not operate a system of variable remuneration based on predetermined financial targets or achievements. This prevents financial incentives being linked to the attraction and investment of funds of our customers.
- We provide full transparency on where our customers’ savings are used. Consequently, our customers have the opportunity to hold us accountable for the implementation of our policy. A comprehensive list of the projects and businesses in which the customers’ savings are invested, is available here , allowing customers to see exactly how their money is being used.
We believe that handling money implies special responsibilities for all co-workers, not just its management. So Triodos Bank fully supports the Banking Code's recommendation to explicitly formulate these responsibilities.
All members of the Supervisory Board and the Executive Board of Triodos Bank have taken the financial sector oath or promise (also known as “Bankers’ Oath”). Since 1 April 2015 all co-workers of Dutch banks are required to take this oath. A co-worker hereby declares that he or she will comply with the rules of conduct set by the NVB. The rules of conduct have been drawn up in line with Triodos Bank’s own, existing Business Principles. By taking the oath Triodos Bank makes more explicit what the bank already does.
Our Business Principles are an important framework for the way in which we do business, and serve as the guiding principles for our co-workers in their day-to-day decision-making processes. The bankers' oath ties in fully with these Principles. The Business Principles are reviewed and updated every other year. They are part of the employment contract of our co-workers. Read more about the Business Principles .
We operate a remuneration policy that reflects the principles of the Banking Code and is also compliant with the Regulation of De Nederlandsche Bank on Sound Remuneration Policies (Regeling Beheerst Beloningsbeleid Wft 2014).
Our remuneration policy is based on the concept of human dignity and aims to enhance social coherence within the organisation. In our view remuneration should enable co-workers to earn a decent living and to contribute to the organisation and society at large. Triodos Bank believes in the intrinsic motivation of its co-workers to contribute to our mission and to work according to our corporate values. The individual richness of the contribution of each co-worker cannot be translated into a linear, financial incentive.
The Banking Code emphasizes the importance of permanent education for (supervisory) board members of banks. To ensure that they remain up to date concerning the latest developments in the financial sector, the Banking Code recommends the drawing up of a program for permanent education. The chairs of Triodos Bank's Supervisory Board and Executive Board are responsible for the implementation of our permanent education program.
The education sessions are provided by external and internal experts. These expert sessions provide in-depth training about the subjects referred to in the Banking Code, including risk management, business model, governance and sector development. The permanent education program is offered to the Supervisory Board and the Executive Board.
Risk Management is a key priority for Triodos Bank. We use and maintain a framework of systems, procedures, limits, reports and checks to manage the risks we face. This risk management framework is the object of permanent evaluation, improvement and innovation.
The policies, procedures and tasks and responsibilities of the Executive Board and the various departments in this field comply with the recommendations contained in the Banking Code.
Our CFO is responsible for the development and implementation of the Triodos Bank risk policy. The role of the Audit and Risk Committee with respect to the supervision on risk management has been incorporated in the charter of the Audit and Risk Committee which are an integral part of the charter of the Supervisory Board and can be found here .