ncreasing transparency
Our output and impact
At Rabobank, we believe it is important to be open about our customers' evaluation of their experience
with Rabobank's service. We use customer feedback every day to improve our services. In 2016 several
measures were taken to promote transparency. Customers' confidence in Rabobank was monitored
for the second time, and we are working to improve our banking terms and conditions. An important
part of this was about making the language we use in our communication with customers more
accessible. With an eye to improving overall transparency and clarity, we also revised several key texts,
like letters to customers, brochures and product conditions. Our measures also extended to reporting
on sustainability topics in our core processes.
Contents Foreword Management report Corporate governance Consolidated Financial Statements Company Financial Statements Pillar 3
Revisited banking terms and conditions represent
significant improvement for customers
Rabobank is working to improve the banking terms
and conditions. The current General Banking Terms and
Conditions (GBTC) will be replaced on 1 March 2017 by a new
and more accessible set of terms and conditions. The new
GBTC was written in a style that is easier to understand, and
includes illustrative examples. The new version also pays more
attention to the customer's rights regarding the bank, making
it much more functional for customers. Rabobank has also
rewritten many of the letters, brochures and product conditions
in clearer, understandable language that keeps the customer's
perspective firmly in mind.
Internal Regulation for Reporting of Abuses
The Internal Regulation for Reporting Abuses offers staff the
possibility to safely address (possible) misconduct within the
organisation. It contributes to transparent governance and
promotes integrity within Rabobank. In 2016 the procedures for
reporting misconduct have been updated. The most significant
change is that employees may report anonymously.
Also in 2016 the external 'Speak Up' platform in combination
with a local external trusted person was initiated.
The roll-out for all international locations has been completed
and implementation for the Netherlands will follow in the first
half of 2017.
The Trusted Committee received 8 reports of possible misconduct
in 2016. These were all discussed and appropriately handled.
In addition the Committee also finalised five cases that were
initiated in 2015.
Stimulating transparency to promote sustainability
We believe that increased transparency adds to fruitful
discussions about sustainability with members, clients and
other stakeholders. Transparency contributes to accelerating
sustainable development.
Rabobank aims to increase transparency in its reporting on the
progression and integration of sustainability topics in its core
processes. The Annual Report is one of the most important
tools we have to share this information. Rabobank's ranking
in the Transparency Benchmark (TB) rose sharply in 2016, and
is now at the top of the Dutch financial sector. This external
acknowledgement of our efforts to increase transparency has
been encouraging.
Our efforts to stimulate transparency to promote and accelerate
sustainable development do not stop there. We engage with
clients who need to take further steps to be fully compliant
with our policies. We are open to being rated by independent
sustainability rating agencies so we can learn from their views
on our progress. In 2016, Rabobank also drafted an updated
version of our Sustainability Policy Framework and introduced
the Sustainable Procurement Standard.
The following sections will elaborate on our transparency
promoting activities in the area of sustainable development
and discuss how the findings of external sustainability ratings
agencies factor into our day-to-day business and policy.
Our top ranking demonstrates that we are already making
strides towards increasing transparency on sustainability issues,
but we believe there is always more to be done.
66 Rabobank Annual Report 2016
