Customers choose the quality our bank provides
2015 AGM
ING’s AGM was held on 11 May. In his opening words, ING’s Executive Board chairman and CEO, Ralph Hamers, underlined that our customers are the core of our business and that they choose ING because of the quality we provide.
He continued by highlighting several milestones that have been achieved in 2014.
These milestones include:
- The launch of ING’s new strategy: Think Forward.
- The full repayment of 10 billion euros to the Dutch State in November.
- The restructuring of ING and its repositioning as a Bank – both virtually completed.
- The IPO – in July – of NN Group, which will be deconsolidated in 2015. ING intends to divest the remaining insurance stake before year-end 2016.
Hamers then quickly took the audience through a number of other key financial and non-financial highlights, which are briefly described below.
New strategy
In 2014, ING launched its new strategy – Think Forward – and purpose (empowering people to stay a step ahead, in life and in business) to meet the new challenge we face as a bank in a fast-changing world. “We’re making good progress,” said Ralph Hamers, “we’re increasing the pace of innovation to improve the customer experience.”
Hamers also gave an update on where we stand and what we need to do to earn the primary customer relationship to achieve our objective of 10 million primary customers by 2017.
Sustainability Direction
ING also renewed its Sustainability Direction in 2014. This reflects the focus on accelerating financial empowerment and sustainable transitions.
Go to the ING in Society webpage for more information about the Sustainability Direction.
2014 and 1Q 2015 results
Hamers also explained the 2014 figures and performance. Financially, 2014 was also a successful year for ING. The Bank’s 2014 underlying net result increased to EUR 3,424 million. The net result over the first quarter of 2015 of the Group was also strong, at EUR 1,769 million, mainly driven by a strong performance at ING Bank.
The underlying net result of the Bank over 1Q 2015 was EUR 1,187 million, 43% higher than in the first quarter of 2014.
Go to 2014 results
Go to 1Q2015 results
Summarising, Ralph Hamers said that:
- ING has an attractive portfolio of Market leaders, Challengers and Growth markets.
- ING’s restructuring is virtually complete.
- The Think Forward strategy is now fully up and running.
- ING posted strong full-year financial results and had made good non-financial progress.
- ING’s strong capital position and strong results enable us to begin returning capital to shareholders ahead of schedule.
Dividend policy
On 11 May, the Annual General Meeting of Shareholders approved the Board proposal to pay a final 2014 dividend of EUR 470 million, or EUR 0.12 for each depositary receipt for an ordinary share. The EUR 0.12 payment per share represents a gross amount, which is subject to Dutch withholding tax.
Go to dividend policy for more information
Agenda items – voting
All agenda items that were voted on were accepted by a large majority.
2015 AGM documents
Please visit ING.com's Annual General Meeting page for all documentation relating to the meeting, including the agenda, presentations and archived webcast. The CVs of all those involved and other directors can be found by visiting ING.com's Corporate Governance section.
Draft minutes
The draft minutes of the 2015 Annual General Meeting will be available on the ING website on 11 August 2015.