Annual report 2009
Binck Bank
- The year 2009
- Composition of the executive and supervisory board
- Meetings of the supervisory board in 2009
- Meetings of the audit committee in 2009
- Remuneration of the executive board
- Broad outlines of the remuneration report
- General
- 2009 remuneration policy
- Cap on variable pay in 2009
- Settlement of accumulated rights of the executive board members under the 2008 and 2009 remuneration policies
- Loans issued to members of the executive board
- Remuneration of the supervisory board and Audit Committee for the 2009 financial year
- Consultation with the Works Council
- Financial statements and dividend
- Concluding
- CVs of supervisory board members
Report of the supervisory board
The year 2009
The section below serves to inform you on the work carried out by the supervisory board in 2009 and the manner in which we supervised the policies pursued by the executive board and the general course of events in the company and its affiliated companies.
The year 2009 has been a special year. The financial and economic crisis prompted a social discussion on the position and responsibilities of financial institutions in general and of banks in particular. Regulators and interest groups have made recommendations in order to restore confidence in the financial sector. A parliamentary committee has been installed to study the credit crunch.
BinckBank performed well in 2009, despite the economic crisis. Services provided by the company to private individuals in the Netherlands, Belgium and France grew. Services provided by the company to professional parties gained momentum and developed into a fully-fledged business unit. An important step for this Professional Services business unit has been providing services to life insurer Robein Leven. This marked the opening up of a new market segment. Subsidiary Syntel for the first time welcomed a high-street bank as client, ING Bank Netherlands, reaching another milestone. These developments offer positive perspectives for the future of Professional Services and make the company less dependent on income from services provided to private individuals. The cooperation with Optiver resulted in the company initiating the best execution project TOM (The Order Machine). Through this initiative, the company aims to achieve a better price for client transactions, which implements the MiFID objective. In 2010, it is the intention to also carry out derivatives transactions through TOM. This further confirms the focus of BinckBank on client interests and the innovative character of the company.
During the past year, investments were made in finding new accommodation. Staff of BinckBank will take up residence in the new premises in the latter part of 2010. By grouping the employees under a single roof, team work can become even more efficient and effective.
The credit crunch resulted in a number of recommendations made by regulators and interest groups in order to restore confidence. BinckBank is one of few financial institutions to have survived the credit crunch unscathed, without government support. However, BinckBank as a bank falls within the scope of application of various recommendations and must therefore implement these.
At the end of 2009, the company suspended the share buy-back programme. By doing so, BinckBank anticipated the possible additional capital requirements that will be imposed on banks, among other things.
In addition to the above, BinckBank has of course been engaged in other aspects of its operational management, such as the successful migration of the Binck data centre.
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