The Banking Code (Code Banken) which was drawn up by the Netherlands Bankers’ Association (NVB), came into effect on 1 January 2010. The Banking Code applies to all activities in the Netherlands performed by banks that are in possession of a banking license granted under the Financial Supervision Act (Wft). Thus the Banking Code also applies to GarantiBank International N.V. The Banking Code focuses in particular on the role of the Bank’s Managing Board and Supervisory Board and on the function of risk management and auditing at banks. The Banking Code also contains principles about remuneration.
The Banking Code does not stand on its own but is instead part of a full set of national, European and international laws and regulations, case law and codes, which is viewed in its entirety. This national, European and international context as well as the activities and other specific characteristics of the parent bank and the group of which GarantiBank International N.V. is a part shall all be taken into account when applying the Banking Code.
The Banking Code states that focus on the client is a necessary condition for the continuity of the bank. Since its incorporation in 1990, focus on the client has been one of the core values of GarantiBank International N.V. We are therefore delighted that our behaviour is supported by the recommendations of the Banking Code. GarantiBank International N.V. prepared for the introduction of the Banking Code by assessing to what extent these principles were already met under its existing policies. Furthermore, risk management was strengthened, the remuneration policy was modified and workshops were introduced focusing on one or more major themes as part of the program for permanent education available for the members of the Supervisory Board and the Managing Board.