Implementation by Van Lanschot of the Banking Code
The Banking Code, prepared by the Netherlands Bankers’ Association, came into effect on 1 January 2010. This Code defines principles about the theme ‘the client is key’ and about risk management, audit, governance (the Supervisory Board and the Board of Managing Directors) and the remuneration policy. The Banking Code applies to all banks granted a banking licence under the Financial Supervision Act.
In the Netherlands, Van Lanschot applies the Banking Code at a consolidated level. Van Lanschot applies parts of the Banking Code to the foreign subsidiaries of Van Lanschot in Belgium, Luxembourg and Switzerland and on Curacao, unless the local laws and regulations or practical aspects in connection with the limited scale of the foreign operations justify an exception.
Main themes of the Banking Code
This section below outlines how the bank puts the Code into practice in its operations and the additional initiatives in this respect that will be implemented in 2011 and thereafter.
1. Client is key
2. Risk management and audit
3. Governance (the Supervisory Board and the Board of Managing Directors)
4. Remuneration policy
Implementation per article of the Banking Code by Van Lanschot
A full overview, setting out the way in which Van Lanschot puts the principles of the Banking Code into practice, can be found in the following document.