Rabobank: customer interests and risk management
as guiding principles
Rabobank naturally endorses the Banking Code and believes it is important that the sector
improves the organisation and operation of internal functions.
Governance: Executive Board
The main subjects covered in this section of the Banking Code include the duty of care
('focusing on the customer') and the moral and ethical declaration.
Focusing on the customer
The Rabobank Group Code of Conduct and Rabobank's ambition statement enshrine the
principles of focusing on customer interests and treating customers with due care. This is
reflected in our products and services, and in our service philosophy. Focusing on the interests
of customers is nothing new for Rabobank. This principle has its roots in Rabobank's cooperative
structure, in which clients can become members of the cooperative and influence the way in
which the bank functions. Serving the interests of members, i.e. the bank's clients, was in fact
the main guiding principle at the time Rabobank was founded, more than 110 years ago.
Each Rabobank group entity has had a Product Approval Committee for some time. These
committees check the quality of products and assess whether the information received by
customers is easy-to-understand, balanced and complete. They also monitor whether new
products and services meet the needs of customers; in addition, the existing product offering is
examined to determine whether it still fulfils current requirements. In 2011, Rabobank continued
to simplify its range of products, including mortgages, payment platforms, consumer loans,
savings products and investment products. This has made the product range more transparent
for customers, and many products have become more affordable, too. Rabobank pays a great
deal of attention to simplifying the language used in its product information, proposals and
terms and conditions, so that they are clear and easy-to-understand for customers. In addition,
we make improvements to the information and texts on our website on an ongoing basis in
order to provide customers with clear, comprehensive and accurate information.
The employees of the local Rabobanks and Rabobank Nederland aim to provide top-quality,
well-considered services. The performance targets agreed with them are balanced, and the
performance management system used means that variable pay is relatively restrained.
Customer focus is a core competency on which employees have always been judged. It is also
an important criterion applied by Rabobank in its recruitment policy. This begins at the level of
communication with the labour market and in job ads. The induction programmes for new
employees also pay plenty of attention to Rabobank's core values of respect, integrity,
professionalism and sustainability.
We use management and compliance reports to monitor the quality of our customer service
and customer care on an ongoing basis. All these aspects ensure that Rabobank's corporate
culture truly focuses on the customer. In turn, this culture and approach ensure that Rabobank
is consistently awarded a high customer satisfaction rating, as demonstrated in internal and
external surveys.
Moral and ethical declaration
The moral and ethical declaration, which was signed by every executive director, has been
posted online. The principles set out in the moral and ethical declaration are continuously
brought to the attention of Rabobank Group's employees, with emphasis being placed on
the Rabobank Group Code of Conduct and dealing with dilemmas. The Code of Conduct
encompasses all of the principles contained in the moral and ethical declaration. The document
pack given to new employees on joining Rabobank refers to the Code of Conduct, and a section
of the employment contract is devoted to the Code of Conduct. Further information on the
Code of Conduct can be found in the corporate governance section of this Annual Report.
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Dutch Banking Code
