How do we deal with the differences in standards and values in the Netherlands and elsewhere? Dilemma We apply the same principles and values to all our customers worldwide and are aware that the situation varies in each country on account of differing points of view in different parts of the world. Wherever we conduct business in the world, and how, is determined by our four core values: respect, integrity, professionalism and sustainability. In addition, we have also drafted a number of specific Food Agribusiness Principles. Needless to say, we are bound by international rules and regulations, and finally, we have drafted a series of guidelines to support our employees in the practical application of our principles. We feel it is important to comply with these principles, both for ourselves and for society. If a company abides by a set of principles, others are entitled to hold them to those principles - which is exactly what our stakeholders do.They keep a close watch on us and call us to account for our actions if necessary. We find that this approach has always worked for well for Rabobank. And yet our principles do not provide answers to all social issues; on an international level, the social context can vary widely from the Dutch situation, while we also wield more influence in some countries than others. Additionally, the fact that standards of what is common and acceptable also vary by country can potentially create complex dilemmas in the international cattle farming and agricultural supply chains, as is the case, for example, with palm oil. We encounter a number of these dilemmas in fulfilling our mission of contributing to the food supply of the growing global population. The question is how our customers can produce this food in a responsible manner. While factory farming increases the production output of meat, how can this be reconciled in various countries with responsible animal husbandry and care? And although organic farming may be less damaging to the environment than its traditional counterpart, production per hectare is significantly lower, which means that demand for arable land will increase, while output remains the same. Do we support these developments even if the new territory encroaches on nature reserves and other protected areas? And to what extent does the answer to this question depend on the country or region in which the farmer is based? Our experience in the food and agri sector has allowed us to discover many best practices, both in the Netherlands and elsewhere. We share our knowledge in order to assist and support businesses. We work with the customer to see how their farm can operate using responsible and sustainable practices in the coming years, taking into account the expectations customers and society have of the business. The most complex issues we encounter are nearly always related to an ethical dilemma of some sort. We refer these cases to a special committee, chaired by our Chairman of the Executive Board. Our sustainability goals set out that we are transparent about the percentage of loans which temporarily do not comply with the bank's sustainability policy. We explain in our annual report why this is the case and what measures we take to counter this, along with any change in the percentage. Read about our Food Agri Principles here. Read about our ethical issues here. Read here about our core values, ethics statement and code of conduct. 28 Annual Report 2014 Rabobank Group

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Annual Reports Rabobank | 2014 | | pagina 29