Dutch Corporate Governance Code
The revised Dutch Corporate Governance Code 2016 (‘Code’) as drawn up by the Monitoring Committee Dutch Corporate Governance, was published on 8 December 2016. With the publication of the ‘Designation of the Code’ by decree on 7 September 2017, the statutory basis for the Code has been provided for. The Code consists of principles and best practice provisions regarding the corporate governance of Dutch listed companies and the associated accountability towards shareholders.
The Code deviates from its predecessors as regards design and content. To underscore the importance of themes as long-term value creation, risk management, culture, effective management and supervision, remuneration and relations with shareholders, the functional arrangement of the Code was replaced by a topical one. By using words such as ‘continuity’ and ‘long-term value creation’, the revised Code is also more outspoken than its predecessors when it comes to its expectations concerning the outcome of corporate decision-making.
Dutch listed companies, including ING Groep N.V. (‘ING Group’), are required to apply the Principles and Best Practice provisions of the Code or to explain why they deviate therefrom. In Q1 2018 ING will publish a booklet which describes how ING Group applies the revised Code. The booklet will be a discussion item on the 2018 Annual General Meeting.