ING Groep – AGM 28 April 2020
In general, ING Group ("ING") 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 ING paid an administrative fine and disgorgement of profit of EUR 33.5 million in connection with shortcomings in AML processes at ING Italy. Based on the above fine, ECGS is unwilling to grant discharge to the members of the executive- and/or supervisory board. Accordingly, ECGS recommends to vote OPPOSE.
Under ITEM 4b discharge of the supervisory board is sought. ECGS notes that ING paid an administrative fine and disgorgement of profit of EUR 33.5 million in connection with shortcomings in AML processes at ING Italy. Based on the above fine, ECGS is unwilling to grant discharge to the members of the executive- and/or supervisory board. Accordingly, ECGS recommends to vote OPPOSE.
Under ITEM 10 authorisation is sought to repurchase own shares. Although the authority requested would meet its guidelines, ECGS considers that it is currently not the right moment to proceed to a new share buyback programme in view of the recent events relating to Covid-19. Accordingly, ECGS recommends to vote OPPOSE.
ECGS notes that ING Italy was informed by the Italian Central Bank ("Banca d'Italia") of their report containing their conclusions regarding shortcomings in AML processes at ING Italy, which was prepared based on an inspection conducted from October 2018 until January 2019. The investigation involved over 300 transactions during the period from 2014 to 2019, and according to Banca d'Italia ING's Italian branch saved approximately EUR 7 million on AML procedures. In February 2020, ING agreed with the Italian prosecutor to settle the case paying a total amount of EUR 30 million. The Company admitted a lack of control on online banking accounts. In addition, Banca d'Italia imposed an administrative fine of EUR 3.5 million on ING Italy. The case now has been closed.
Finally, ECGS notes that ING 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.
ING Groep is a global financial institution based in the Netherlands. Co. is engaged in offering a wide range of retail and wholesale banking services to customers in over 40 countries across Europe, the Americas, Asia and Australia. In addition to the basic banking services of lending, payments and cash management and treasury, Co. provides tailored banking solutions in areas including corporate finance, commercial finance (factoring), equity markets and debt capital markets to help clients achieve their business goals. Co.'s operations are organized along five segments: Retail Netherlands; RetailBelgium: Retail Germany: Retail Other; and Wholesale Banking.
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