Dutch Banking Code
In September 2009, the Dutch Banking Association (Nederlandse Vereniging van Banken, NVB) published the Banking Code (Code Banken). The Banking Code sets out the principles of conduct for Dutch banks in terms of corporate governance, risk management, audit and remuneration. The Banking Code is a form of self-regulation that took effect on 1 January 2010 on a ‘comply or explain’ basis.
Following this first Banking Code, the Wijffels Committee published a report on the structure of Dutch banks (‘Naar een dienstbaar en stabiel bankwezen’) in 2013. This report paid great attention to the stability of the industry and the importance of competition and diversity in Dutch banking. In its report, the Committee called on the banks to take additional steps towards regaining trust from customers and society as a whole by setting out the role they want to play in society in a social charter.
In response to this request, the NVB introduced Future-oriented Banking, which included an update of the Banking Code. The new Banking Code came into effect on 1 January 2015. In 2021, the Banking Code has been supplemented with two clarifying paragraphs elaborating on the further embedding of the public and social interest and on remuneration policy.
How we apply the Dutch Banking Code
ING Bank strongly supports the Banking Code principles to build trust, ensure stability and protect the interests of its stakeholders. Building trust requires a long-term view, a sustainable approach and continuous attention. Following the significant steps taken to comply with the Banking Code principles after its introduction in 2010, ING Bank is continuing its efforts to enhance compliance even further. ING Bank recognises that complying with the Banking Code principles is an ongoing process.