The fundamental principle of the Code, that the customer’s interests are paramount, is the basis of Achmea Bank’s strategy and is consistent with its parent company Achmea ambitious goal: to be perceived as the most trusted insurance company in the Netherlands.

The members of the Executive Board have signed declarations of moral and ethical conduct (the bankiersverklaring or ‘banker’s oath’) and in 2010 a programme of permanent education will be set up for the members of the Executive and Supervisory Boards in accordance with the Banking Code’s principles.

 

The principle of restraint in remuneration policy has already been implemented and the by-laws of the Executive and Supervisory Boards will be amended to safeguard it.

Achmea Bank’s riskmanagement and control system is based on the ‘three lines of defence’ principle, with the Executive Board bearing ultimate responsibility. The first line of defence assures effective management of key business process risks relating to punctuality, accuracy and completeness and ensures that all material financial and non-financial information is available to the Executive Board. This applies in particular to the financial reporting process. A further contribution to raising quality standards was made in 2009 by the ‘Bank in Control’ project to implement a more efficient and effective internal risk management organisation.

 

Achmea Bank complies fully with the Banking Code’s risk management and auditing principles. Next year, in accordance with the Code, Achmea Bank will provide detailed information on its compliance with the Code.