Report of the Supervisory Board of Rabobank
2017, time to accelerate
Rabobank is a client-focused cooperative bank. We are here to help our clients to achieve their
ambitions. In doing so, we contribute to welfare and prosperity in the Netherlands and to solving
the global food issue. In 2017 Rabobank emphasised this in its new mission statement'Growing a
better world together'. To fulfil our mission, we must keep moving the current transition forward.
Although we are making progress, we concluded it was time to accelerate the transformation of
Rabobank. Change and innovation are key to reach our strategic goals. In our view, the formation
of a Managing Board with a flatter structure, increased focus on the digitalisation, innovation and
representation of more client segments at the highest executive management level can help fast
forward Rabobank's digital transition. We also decided to include representation of the Human
Resources role at the Managing Board level to further boost the development of culture, leadership
and talent. On 1 September 2017 responsibility for the day-to-day management of Rabobank
was transferred from the former Executive Board to a Managing Board often members led by
Wiebe Draijer.
Contents Introduction Management report Appendices Corporate governance Consolidated Financial Statements Company Financial Statements
In view of the changes to their domains, Ralf Dekker and Rien
Nagel took the opportunity to seek new career challenges
outside Rabobank. We are very grateful for Ralf and Rien's long-
term dedication to Rabobank. We very much admire Ralf's
extensive experience and knowledge, not only on matters of IT
and Operations, but on a broad spectrum of subjects that are
relevant to Rabobank and the banking sector. Rien is a warm
advocate of the cooperative model, the local Rabobanks and
their (SME and agricultural) clients and played a leading role
in the historical reform which saw the local Rabobanks and
Rabobank Nederland join forces to become one stronger, more
future-proof Cooperative Rabobank (CRUA).
For a detailed outline of the portfolios of the current Managing
Board members, please refer to the relevant chapter in the
Board Report.
The Supervisory Board supervises, challenges and advises the
Managing Board on a broad variety of financial, risk, regulatory,
compliance, IT/operations and HR themes. In addition to the
supervisory and advisory roles, the Supervisory Board acts
as employer to Managing Board members and as liaison to
Rabobank's stakeholders and society at large.
This review of the activities of the Supervisory Board in 2017
focuses on the four cornerstones on which Rabobank's strategy
is founded (see Board Report) and which the Managing Board
uses to manage all aspects of the current transition process:
excellent client focus, meaningful cooperative, rock-solid bank
and empowered employees. We then reflect on the overall
performance of the Supervisory Board, its committees and its
members.
Supervisory Board: Supervisory and advisory roles
Excellent client focus
Given our independent role and participation in various
networks outside Rabobank, the Supervisory Board can
process stakeholder input, share it with the Managing Board
and continually apply it in its supervisory and advisory role.
In 2017 we tried to obtain better insight into current and
future developments that could impact our clients, such as
the low interest rate environment, new business propositions,
innovations and upcoming regulations like PSD2. We also
monitored issues in client sectors facing difficulties and took
note of client satisfaction scores and client feedback reports.
During our Supervisory Board meetings and our visit with the
Managing Board to the US (see below) we explicitly reserved
time for business updates and client visits.
In 2017, the Supervisory Board was regularly updated on
progress in customer due diligence (CDD) and transaction
monitoring in the Netherlands and abroad. We continued to
monitor the mitigating actions of the Managing Board to ensure
Rabobank's structural compliance with the CDD rules and
Rabobank Annual Report 2017 - Corporate governance
152
