Dutch Banking Code
In September 2009, the Dutch Bankers’ Association (NVB) adopted the Banking Code for Dutch banks as binding. The Banking Code lays out the principles by which Dutch banks should conduct themselves in terms of corporate governance, risk management, audit and remuneration.
In 2009 Amsterdam Trade Bank (‘the Bank’) started to prepare for the introduction of the Banking Code and to implement the principles underlying the Banking Code that were not yet an integral part of the Bank’s policy principles. As of 1 January 2010, the Bank is substantially compliant with the Banking Code and continues to take steps to become fully compliant.
The members of the Board of Managing Directors have considered to sign declarations of moral and ethical conduct and in 2010 a program of permanent education has been set up for the members of the Board of Managing Directors and Supervisory Board in accordance with the Banking Code’s principles.
Managing Board
The Managing Board is responsible for the management of the company. The three members of the board share a wealth of experience in global banking.
Martin Czurda, CEO and Managing Director
Henny te Beest, CFO and Managing Director
Frederik-Jan Umbgrove, CRO and Managing Director
In accordance with best practices and following the Dutch Corporate Governance Code, the Managing Board established the company’s operational and financial objectives along with the strategy to achieve stated goals with consideration and approval off the Supervisory Board. The outlined objectives and strategy include detailed parameters to be applied in relation to the strategy, such as the company’s financial ratios and capital adequacy level. ATB´s annual report includes information about the most important external factors and variables influencing the company’s performance.
Supervisory Board
The supervision of the Managing Board and the general course of affairs of the company and the business connected with it is entrusted to the Supervisory Board. The Supervisory Board also assists the Managing Board by giving advice. The members of the Supervisory Board act in accordance with the interests of ATB. Pursuant to the Articles of Incorporation the Supervisory Board members are empowered to obtain all information they deem necessary for the performance of their duties. The members of the Supervisory Board are appointed by the General Meeting of Shareholders. Each member of the Supervisory Board is capable of assessing the broad outline of the overall policy, in addition to having the specific expertise required to fulfill his or her designated role.
The Supervisory Board currently consists of seven non-executive members. Specific issues are dealt with and prepared in the Audit Committee appointed by and consisting of a number of members of the Supervisory Board.
The Audit Committee
The Audit Committee’s main task is to assist the Supervisory Board in monitoring the integrity of the financial statements of ATB, the auditor’s qualification and independence, the performance of the internal audit function and the independent auditor as well as the compliance by ATB with legal and regulatory requirements. The committee reports its findings to the Supervisory Board.