Mizuho Bank Europe Annual Report 2018

36 MIZUHO BANK EUROPE N.V. Future Oriented Banking On 1 January 2010, the Dutch Banking Code came into effect, which laid out the guiding principles for Dutch banks in terms of corporate governance, risk management, audit and remuneration on a so-called ‘comply or explain’ basis. It was introduced in response to a report entitled ‘Restoring Trust’ published in 2009 by the Advisory Committee on the Future of Banks (Adviescommissie Toekomst Banken) in the Netherlands. In 2013 a follow-up report was published by the Committee Wijffels, in which the committee called upon Dutch banks to take additional steps towards regaining trust from customers and society as a whole. In response, the Dutch Banking Association (NVB) introduced a set of documents entitled ‘Future Oriented Banking’. The package comprises of a Social Charter, an updated Banking Code and a Banker’s Oath with associated Rules of Conduct. The principles of the Banking Code 2010 that have been incorporated into legislation are not included in the new code, but naturally we continue to comply with these principles. Since MBE does not have a separate website, the below overview reflects the status of our compliance with the renewed Banking Code over the financial year 2018. For more information on each of the sections, please see the respective chapters in this Annual Report 2018. 4.1 Compliance with the Banking Code Sound and ethical operation We have an ambitious, but realistic medium and long-term business plan and strategy, aligned with the Mizuho Bank’s global mission to provide customers with the highest quality services and to be our customers most trusted bank. We embed this strategy in our internal policies on, among other things, risk, compliance and corporate social responsibility. The Management Board and Supervisory Board, with due regard for each other’s duties and powers, are responsible for a sound governance structure and compliance therewith. Putting the customer first, while taking into account the needs of all other stakeholders is an integral part of MBE’s identity, vision, and strategy. All employees are made aware of our vision through the use of training, management updates and MBE’s intranet. The Management Board and Supervisory Board lead by example. To increase staff awareness of and engagement with MBE’s business strategy and principles, a Vision and Strategy Committee was set up in 2016. This committee comprises of employees from various departments and levels and focuses on the following pillars: operational excellence, corporate culture and human capital. In recognition of its importance, in 2018 department heads and members of the Management Board have been more actively involved. Department heads were added to the sub-committees for each of the pillars and a member of the Management Board was assigned to act as a sponsor for the pillar closest to his area of expertise. The new set-up ensures stronger support for the Committee’s initiatives and a company-wide commitment. As MBE is well aware of its role in and responsibilities towards society, we continued our partnership with the non-profit organization Amsterdam Cares as part of MBE’s Corporate Social Responsibility program. To inspire and educate younger generations, various employees and members of Management Board volunteered for the Bank voor de Klas project initiated by the Dutch Banking Association (NVB). The Management and employees participated in volunteer projects within the city of Amsterdam and will continue to do so in 2019. The ‘KnowYour Customer’ and ‘Customer Due Diligence’ procedures are essential for a bank, and therefore on a continuous basis we monitor changes in the external landscape and review and update our procedures in line therewith. The bank’s risk framework is continuously being enhanced, taking into account MBE’s mission, strategy and objectives. To enhance dialogue with other compliance departments, together with Mizuho Bank London branch the EMEA Regulatory and Compliance network is held on a regular basis.