Dutch Banking Code

In September 2009, the Dutch Banking Association published a Banking Code in response to an advisory committee's report on the future of banking. That report, entitled 'Restoring Trust', called for banks to initiate improvements to the way they work and so restore the public trust damaged by the financial crisis.

The Banking Code laid out the principles for good conduct and initially took the form of self-regulation. These principles have since been enshrined in legislation by the Dutch Ministry of Finance. The Banking Code took effect on 1 January 2010. 

The Banking Code is divided into the following sections:

  1. Compliance with the Code;
  2. Supervisory Board;
  3. Executive Board;
  4. Risk Management;
  5. Audit;
  6. Remuneration Policy.

In December 2009, our Supervisory Board approved revisions to NIBC's charters, those of our committees, the Supervisory Board and the Managing Board, to ensure our governance was fully aligned with the Banking Code. 

We have implemented all the procedural and operational measures required under the Banking Code. As from 2011, banks must specify how they are applying the Banking Code in a 'comply or explain' statement in their financial report for the previous year. For a detailed overview of NIBC's compliance with the Banking Code, per article, see our overview: NIBC Bank N.V. compliance with the Dutch Banking Code

The Minister of Finance and the Dutch Banking Association set up a monitoring committee that reports annually on compliance with the Banking Code. For more information on the monitoring committee Dutch Banking Code please refer to: www.commissiecodebanken.nl.

The Managing Board members signed a moral and ethical conduct declaration as worded in the Banking Code and this is published on NIBC's website. On 1 January 2013, new Dutch legislation came into force, including the obligation to swear an oath for all staff of financial institutions that are assessed on suitability by the Netherlands Authority for the Financial Markets and the Dutch Central Bank. Within NIBC this new law is therefore applicable to the members of the Managing Board and the Supervisory Board. The main reason for introducing this oath is re-establishing confidence and reaching the desired culture change in the financial sector. On 5 March 2013 the members of the Managing Board and Supervisory Board took the Bankers’ oath.