On 1 January 2015 an updated Dutch Banking Code came into effect and replaced the Code that had been in force since 1 January 2010. The Banking Code sets out principles for sound and controlled business operations, corporate governance, risk management policies, audit and remuneration policies.
The Banking Code applies to all activities in the Netherlands performed by Dutch-based banks that are in possession of a banking licence granted by De Nederlandsche Bank (DNB). The Code therefore applies to Van Lanschot N.V., Van Lanschot Kempen’s subsidiary with a banking licence in the Netherlands. Banks that are part of a larger group and that are subject to the Code may apply elements of the Code at the level of the entity at the top of the group; these elements do not have to be applied by individual subsidiaries. Some elements of the Banking Code are therefore applied at the level of Van Lanschot Kempen.