"As the organisation continues to transform, we remain committed to weighing all decisions through a multi‑stakeholder lens, maintaining transparency and staying true to our mission."
In the last Annual Report, I shared that three topics stood out for the Supervisory Board: the shift in trading of Triodos Bank’s Depository Receipts (DRs) from a multilateral trading facility to Euronext, the dialogue and settlement package with DR Holders, and the process to reshape the Executive Board and appoint a new CEO.
In 2025, these topics continued to stand out for the Supervisory Board as all three initiatives were implemented successfully. The commencement of trading of Triodos Bank DRs on the Euronext Amsterdam stock exchange on 18 June 2025 marked a special moment for investors in Triodos Bank. Triodos Bank is now firmly established as a listed bank on Euronext Amsterdam, supporting a more attractive offering for equity and debt investors.
The settlement with DR Holders not only reduced legal and financial risk but has also helped restore harmony, enabling the organisation and community to move forward together. We are grateful for the broad acceptance of the settlement and the constructive spirit in which many DR Holders chose to engage. Importantly, the settlement was part of a total package of measures which was not only financial. The commitments to strengthening our community bonds made in this package, marked the start of a more participatory approach to relations with our stakeholders. An approach that will continue to evolve in the years ahead. In 2025, Triodos Bank launched the Triodos Bank Impact Collective, an advisory board that strengthens the influence of stakeholders on the bank’s impact strategy.
The new Executive Board composition was also implemented in 2025. With the appointment of Marcel Zuidam as Chief Executive Officer, the reappointment of Jacco Minnaar as Chief Commercial Officer and the appointments of Barbara van Duijn and Suzanne Schilder in the newly established roles of Chief Information Officer and Chief Transformation Officer, the bank has an Executive Board designed for the next phase in Triodos Bank’s development. The aim is to deliver on our three strategic pillars: securing our frontrunner position in impact finance, pursuing focused growth and driving an efficient and robust operating model.
The Executive Board is now gender balanced and deliberately composed to bring diversity not only in representation but in thinking styles and decision‑making approaches. This is vital for ensuring that Triodos Bank continues to adapt swiftly without compromising its values.
On behalf of the Supervisory Board, I would like to extend our sincere thanks to Jeroen Rijpkema for his four years of leadership as CEO, during which time he guided the bank through significant challenges and periods of intense scrutiny. We also thank Nico Kronemeijer for his more than a decade of service and his critical role in preparing the bank for the listing of its DRs.
The composition of the Supervisory Board also changed in 2025. We would like to express our appreciation to Daniëlle Melis, who stepped down from the Supervisory Board following the end of her term. Her dedication during the period of heightened supervision was deeply valued. We also warmly welcome Simone Huis in ‘t Veld to the Supervisory Board and thank the organisation for the supportive and open way in which new colleagues, including the new CEO, were received. This spirit of inclusion is a hallmark of Triodos Bank.
With these initiatives now implemented, our attention shifted toward executing strategy at pace. The Executive Board has taken significant steps. They have focused on realigning our geographic footprint, accelerating digitalisation, modernising services and identifying where our impact can be most meaningful. The Fit for Impact transformation programme was developed and honed in the second half of 2025 for a launch very early in 2026. Decisions such as the bank’s wind-down in operations in Germany were difficult but grounded in our mission-driven approach, concentrating efforts where we can deliver the greatest positive change.
The Supervisory Board supported and challenged the Executive Board as it translated strategy into concrete actions. We saw a welcome evolution in our board agendas, with our dialogues more forward‑looking and increasingly characterised by agility and collaborative thinking.
In 2025, the global economic landscape changed fast. As the year came to a close, Triodos Bank announced it would take a EUR 60 million expected credit loss provision related to the German fibre optic sector. The provision was triggered by the downward trend in this subsector in Germany. The bank will continue to make adjustments to sectoral, geographic, one-obligor or other factors in respect of lending or loan portfolio parameters to continue to actively manage emerging credit risks. The Supervisory Board will play its role in challenging and supporting the Executive Board in implementing the risk management enhancements. The importance of prudent, vigilant and proactive risk management is felt within the organisation. Triodos Bank aims to meet ongoing regulatory expectations and is further strengthening risk management and risk culture, embedding best practices and continuous improvement in line with Triodos Bank’s core values.
While challenges inevitably lie ahead, the breadth and depth of the actions taken in 2025 help to equip Triodos Bank to sustainably thrive as a frontrunner in values‑based banking.
As the organisation continues to transform, we remain committed to weighing all decisions through a multi‑stakeholder lens, maintaining transparency and staying true to our mission.
On behalf of the Supervisory Board,
Mike Nawas
