New legislation: banker’s oath and upper limit for number of other positions held

News
Date 28 January 2013

Policymakers must swear to a banker’s oath within three months of their appointment. Moreover, they can now only hold a maximum number of other positions.

Bankeneed

These extra requirements arise from new legislation and regulations, which took effect on 1 January 2013. DNB has duly amended the form for notifying appointments of policymakers.
 
Banker’s oath
In future, policymakers must swear to a banker’s oath within three months of their appointment by signing the new notification form. This requirement is contained in the new banker’s oath regulation, otherwise known as the ‘Regulation on oath or solemn affirmation for the financial sector (Financial Supervision Act 2013)’.

Incumbent policymakers who are covered by the Financial Supervision Act must sign the oath by 1 January 2014. In doing so, they promise to carry out their duties to the best of their ability and with integrity.
 
Maximum number of other positions
With effect from 1 January 2013, the number of supervisory positions held by individual bankers will be subject to a statutory maximum. Under the new regulations, they will only be allowed to serve on the supervisory or non-executive boards of up to five major public limited companies, private limited companies or foundations. Chairmanships will carry a double weighting.
 
When appointing new policymakers, banks must therefore take account of the number of positions they already hold. Individuals holding more than the maximum number of permitted posts cannot be appointed. This is prescribed by the new Management and Supervision Act, which took effect on 1 January 2013. By signing the new notification form, you are indicating that you have taken account of this requirement.
 
New notification form
Banks must now notify new appointments using the revised form; DNB will no longer accept the old forms.
 
The new notification form can be found at www.dnb.nl  
    
 

 

> Back to the Newsletter