Outlook
Contents Foreword Management report Corporate governance
In 2016, we took steps to reduce the balance sheet, including
the sale of mortgage portfolios to investors and a more intense
focus on core activities. We intend to take more of the loan
portfolio off-balance and will continue to reduce the balance
sheet in 2017.
Employees
We are extremely grateful to our employees for their efforts
in what was a very intensive year. The bank's transition
is proceeding at good speed and will continue in 2017.
This requires a huge effort from our employees. Our internal
research shows that there is broad support for the strategic
direction of Rabobank and a high level of loyalty to the mission,
but also that people feel under pressure from the pace of
change. Many colleagues have seen their traditional workplace
disappear as we have digitalised our service provision and
implemented much-needed improvements, particularly in the
back-office and support functions. We are introducing a number
of measures designed to maintain motivation and promote
passion. These include a new performance management system
that focuses on personal leadership and enhancing expertise in
one's field, and a programme to promote mental and physical
fitness. Diversity also has our attention: women now occupy
25.8% of the senior roles at Rabobank.
Social impact
Rabobank commits itself to achieving progress in society
and in the Sustainable Development Goals defined by the
United Nations, through its Banking for Food and Banking for
the Netherlands. We have received many accolades for our
efforts on sustainability. In the Dutch Transparency Benchmark,
we earned joint first place in the financial institutions category
and came in 11th on the ranking of more than 200 large Dutch
organisations. RobecoSAM puts Rabobank at number 7 in its
worldwide ranking of over 100 international banks. Sustainalytics
analysed 396 banks worldwide, ranking Rabobank number 1
for its positive impact on the environment. Our joint venture
with FMO and Norfund underlines our deep commitment to
sustainable growth and development in Africa and its local
financial sector. Together we invest in African banks to stimulate
growth. Also worthy of mention, is our first green bond, issued
in 2016 with a total value of EUR 500 million. We will invest
the returns in sustainable energy projects, such as wind farms
and solar panels. Beyond that, in 2016, Rabobank once again
contributed to numerous social and charitable initiatives, by
making our staff available or by sharing our knowledge, network
and financial resources. Our cooperative dividend, which is
invested in projects determined by the Member Councils of the
local Rabobanks, amounted to EUR 49 million. This money directly
benefits the local communities in which Rabobank operates.
Consolidated Financial Statements Company Financial Statements Pillar 3
In 2017, Rabobank will continue to invest in customer service
provision. We will give priority to our digital activities and
innovation, in combination with our identity as a bank firmly
anchored in local communities and always nearby. Outside
the Netherlands, we are capitalising on the growth potential
in Rural Banking, and through our focus on food agri, are
reinforcing our leading position in the food agri chain for
our Wholesale clients. We are operating in an environment
of modest economic growth, but also at a time of economic
and political uncertainty around the world. In Europe, the
consequences of Brexit and the outcome of elections in
the Netherlands, Germany and France will be influential factors.
Overall, the positive developments Rabobank experienced in
2016 give us confidence for 2017. We are very grateful to our
customers and our staff for their strong commitment to the
cooperative Rabobank in the year 2016 and beyond. We live
in a world of great uncertainties, both for individual citizens
and for society as a whole. Against this backdrop, we believe
there is an enduring need for a rock-solid cooperative bank
that can help its retail and commercial customers realise their
wishes and ambitions, both in the Netherlands and in food
agri worldwide.
3 Chairman's foreword
