Corporate governance code

The Dutch Corporate Governance Code

The Dutch Corporate Governance Code (hereinafter, ‘the Code’) is an important code for good business conduct for Dutch listed companies. The Code is self-regulatory in nature, and is based on the principle known as ‘apply or explain’. The duty of the Corporate Governance Code Monitoring Committee (‘the Committee’) is to encourage the topicality and usefulness of the Code, as well as to monitor compliance with the Code by Dutch listed companies. IAlong with the introduction of a Social Charter and updating the Banking Code, the bankers’ oath has also been implemented for all employees working in the Netherlands. Everyone working in the banking industry is bound by the rules of conduct attached to this statement for the ethical and careful performance of his/her position. Employees have personal responsibility for complying with those rules of conduct and can be held accountable for non-compliance and, if necessary, face disciplinary action. New employees must take the oath within three months of being appointed to the job. Employees who have taken the oath automatically endorse the code of conduct for bank employees and must comply with disciplinary rules.

On December 8 2016 the revised Corporate Governance Code has been published. The revised Code has addressed both current and foreseeable new regulations, as well as legal precedent and development at the international level in the field of corporate governance. Like the former Code, the updated Code is principle-based and offers a reliable framework for corporate governance for the coming years.