Contents Introduction Management report Appendices Corporate governance Consolidated Financial Statements Company Financial Statements
is very important for the future development of the bank.
The GMC devoted a considerable amount of time to the theme
'Banking in the future'.
Since the new governance became effective, the management
teams at the local Rabobanks are entrusted with the important
task of acting in harmony with the cooperative spirit, and
offering financial services to match. They have important local
responsibilities as laid down in the internal local Rabobank rules.
In fact, the local management team chairmen have a mandate
from the Managing Board to safeguard their local orientation
and firmly anchortheir local Rabobanks in these communities.
Local managementteam chairmen can exercise their authority
and responsibility to deliver high quality local banking services.
They can also turn the concept of cooperative identity into
reality at the local level. In this respect, local staff participate
actively in social and virtual networks in order to maintain close
connections with local communities..
Banking business
Tactical, operational and policy-related banking are addressed
in the Directors'Conference. This body is composed of local
management team chairmen, the Managing Board and
the directors of divisions which support local Rabobanks.
The Directors'Conference is a meaningful and influential
platform with a preparatory, informative and advisory role
for proposals and policies concerning local Rabobanks.
The Conference also fulfils a liaison role between the highest
echelons ofthe bank. In view of safeguarding clients'interests
and needs. Every meeting ofthe Conference is devoted to a
specific theme ofthe strategic agenda. In 2017, the Conference
addressed the current transformation ofthe bank following
the governance change and actual and anticipated trends
in banking, regulation, society and technology. Other topics
included 'new leadership'as well as Rabobank's contribution to
socio-economic developments.
Monitoring and evaluation ofthe new governance
The Governance Committee has also been assigned with
the task of monitoring the practical functioning ofthe new
structure. Since the new governance came into effect, two
evaluations were carried out by an independent institution
to determine whether all bodies are operating according to
their objectives and which aspects could be strengthened.
The first edition ofthe questionnaire in 2016 investigated the
importance the participants attach to the specific functions of
the governance bodies and whether they expect the underlying
objectives to be achieved.The results from this baseline survey
indicated that the set-up and purpose of all governance organs
are generally well understood.
A second survey was held among all players in the governance
in May 2017. The response rate was very high, with around
1,100 people completing the questionnaire. This alone
demonstrates the great interest in safeguarding cooperative
values and the resulting strategic orientation.The findings
ofthe second questionnaire were broadly in line with those
ofthe first.The participants'feed back was mostly positive.
Where faithfulness to the mission was concerned, the results
even exceeded expectations. Even more pronounced was
the appreciation respondents expressed for the effects ofthe
governance on establishing connections with society through
the organisation's distinctive role as a cooperative bank.
The survey also yielded useful recommendations for fine-tuning
and further improving some elements ofthe governance.
Respondents indicated that they saw no need to adjust the
Articles of Association, but believed the governance could
function better with some behavioural changes of participants
in all governance bodies. For instance, they recommended a
more open attitude to the input of members.
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