ABN Amro Bank – AGM 22 April 2020
In general, ABN Amro Bank ("ABN AMRO") is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting.
Under ITEM 4a discharge of the executive board is sought. ECGS notes that ABN AMRO is currently being investigated by the Dutch public prosecutor relating to requirements under the Dutch Act on the prevention of money laundering and financing of terrorism (see below). As long as the results of this ongoing investigation are unclear, ECGS is unwilling to grant discharge to the members of the executive board. Accordingly, ECGS recommends to vote OPPOSE.
Under ITEM 4b discharge of the supervisory board is sought. ECGS notes that ABN AMRO is currently being investigated by the Dutch public prosecutor relating to requirements under the Dutch Act on the prevention of money laundering and financing of terrorism (see below). As long as the results of this ongoing investigation are unclear, ECGS is unwilling to grant discharge to the members of the supervisory board. ECGS therefore recommends to vote OPPOSE.
In September 2019, the Dutch public prosecutor informed ABN AMRO that ABN AMRO Bank N.V. is subject to an investigation relating to requirements under the Dutch Act on the prevention of money laundering and financing of terrorism (in Dutch: Wwft). The timing of the completion of the investigation and the outcome are uncertain and there is no update on the investigation by the Dutch public prosecutor.
Finally, ECGS notes that ABN AMRO has decided to withdraw its dividend proposal for the FY 2019 under ITEM 3b, based on a recommendation of the European Central Bank (ECB) in view of the Covid 19 ("Corona") virus.
ABN Amro Bank NV is a bank based in the Netherlands. The Bank provides various financial products and services across a variety of channels, including its Mobile Banking app and Internet Banking. The Bank's product portfolio includes insurances, mortgages, savings, investments, loans and payments, among others. The Bank serves retail, private and corporate clients worldwide.
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