Dilemmas and ethical issues
External consultations were held at Amnesty International. The policy is now in line with the
international framework on business and human rights and will be discussed with group
entities and a number of relevant stakeholders in 2011.
New policy on biodiversity and ecosystem services
Rabobank Group believes it is important that clients know which ecosystem services constitute
an opportunity or a business risk, and which factors can have an adverse impact on these
services, including factors resulting from changes to, or dependence on, biodiversity and
ecosystem services. To this end, Rabobank formulated a new draft policy on biodiversity and
ecosystem services during the year under review. This policy was discussed with WWF in 2010,
and will be discussed with the group entities and a number of other relevant stakeholders
early in 2011.
Signing of memorandum of understanding with WWF
During the year under review, Rabobank Group signed a memorandum of understanding with
WWF on a global partnership to make production chains more sustainable, in order to protect
nature and biodiversity. This memorandum will be transposed into a definitive contract in
March 2011.
Dialogue with external stakeholders
Robeco has stepped up its dialogue with interest groups that call asset managers to account
with regard to social issues. In connection with this, it spoke to the Dutch Fair Bank Guide and
to Amnesty International about human rights in general, and working conditions in the textile
industry in particular. Finally, Robeco made a substantial contribution to the public debate on
'sustainable pay' by advocating a remuneration structure that attaches great importance to
responsible business practices.
Rabobank and Greenpeace discussed the illegal deforestation activities of a palm oil
producer that is a member of RSPO. Under rules governing privacy and the bank's duty of
care, Rabobank was unable to state whether the company in question is a client of the bank.
In its capacity as a member of the Executive Board of RSPO, Rabobank promised to stress in
the round table that companies that are RSPO members definitely have to comply with the
RSPO code of conduct and sustainability standard.
BankTrack sent Rabobank a letter about a company that extracts oil from Canadian tar
sands.The bank stated that the company in question is no longer a client and that the bank
had clearly stated in its supply chain management policy on oil and gas that it would refrain
from directly financing oil extraction from tar sands.
F&C Investments asked Rabobank about its position on providing finance for the
manufacturing of cluster munitions. The bank stated that financing the production of
cluster munitions was not permitted under its defence industry policy.
At Rabobank Group, dilemmas and ethical issues that arise when providing services can be
submitted to the Ethics Committee. This is a group-wide committee, led by the Chairman
of the Executive Board, in which the executive management of Rabobank Group is broadly
represented. It can issue non-binding recommendations on how to deal with dilemmas,
which together constitute a body of standards. All employees can ask the Ethics Desk (the
committee's secretariat) for advice based on existing standards, and put forward dilemmas
that are new to the organisation. During the year under review, the Ethics Desk dealt with
200 inquiries. The Ethics Committee issued recommendations in 17 cases.
Besides case histories and human rights policy, the Ethics Committee discussed the arms
industry, climate change facts and myths and their implications for the bank, Rabobank's
position on Q fever and the wider debate on the intensive livestock industry in the Netherlands,
tax planning and biodiversity. The Ethics Committee stated that the organisation needs to be
made more aware of the Ethics Committee and the Ethics Desk. The topic of ethics has now
been included in internal training courses for employees, management and members of the
Executive Board.
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Dialogue with society
