Things turned around during 2014. The decline in the bank's reputation came to an end, and there has been a cautious recovery. We will strive to achieve to further restore our reputation in 2015. 1 These figures are based on a survey by the research agency No Ties. Every year, over 5,000 people in the Netherlands are interviewed about the reputation of the various banks in the Netherlands.They are asked which reputation indicators they associate most strongly with which banks (multiple answers are possible).This results in scores for the banks on each of the various reputation indicators. Bank reputation for cross-section of the Netherlands1 Second half 2014 First half 2014 Annual average 2013 Annual average 2012 Rabobank as a cooperative Awareness of Rabobank as a cooperative 80% 77% 81% 76% Positive rating of Rabobank as a cooperative 51% 52% 56% 57% Rabobank's image Trustworthy No. 134% No. 133% No. 1:39% No. 1:46% Lead over no. 2 6 percentage points 4 percentage points 12 percentage points 14 percentage points Bank preference Preference for Rabobank No. 150% No. 146% No. 1:52% No. 1:53% Lead over no. 2 6 percentage points 3 percentage points 9 percentage points 10 percentage points Similar figures are not available for the other countries in which Rabobank operates. The reputation of Rabobank in the area of food and agri will be measured in a number of countries in 2015. Improvement measures post-Libor In October 2013, Rabobank reached agreement with various authorities in relation to the investigations of the internal processes for Libor and Euribor submissions. The bank acknowledged that certain employees had acted inappropriately, and on the publication of the findings committed itself to introducing measures and reforms to prevent further inappropriate conduct and to restore confidence in the bank. Rabobank has subsequently introduced or initiated a wide-ranging package of improvement measures. These measures are an important element in the current wider change to the Rabobank organisation. During its own internal investigation, Rabobank has already invested in improving its interest rate benchmark processes. New systems and tighter controls have led to a robust benchmark process that meets the new market standards and requirements set by the supervisors. Moreover, in recent years extensive attention has been devoted to the bank's risk profile and the functioning of the internal control environment. This has led to an adjustment of the risk profile and composition of the activities in the financial markets to better reflect the current market, the bank's strategy and the needs of its customers. Significant improvement processes have also been initiated to strengthen the compliance, risk management and audit functions and to improve their mutual cooperation. Improving the bank's risk management is an important focus of these processes. Finally, the Culture Collective programme initiative is designed to bring about a change of culture throughout the bank with the aim of improving the culture of the organisation and its associated behaviour. Rabobank has designed a programme structure to maintain an overview of the implementation of the various improvement measures and to monitor progress. The programme puts the Executive Board in a position to make immediate and effective changes if necessary and also ensures that supervisors are regularly updated on progress. Implementation of the measures is now at an advanced stage and the programme is expected to be completed in the course of 2015. The improvements will be audited as part of this programme. 42 Annual Report 2014 Rabobank Group

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Annual Reports Rabobank | 2014 | | pagina 43