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A financial institution's executive management must be fit and proper. After all, you want your pension fund to have the expertise to manage its assets. And you want your bank and insurance firm to be managed by reliable individuals. De Nederlandsche Bank (DNB) assesses members of management and supervisory boards and other senior officers of financial institutions to see whether they are fit for their job and proper.

Who we assess

Together with the Dutch Authority for the Financial Markets (AFM), we submit management and supervisory board members to a fit and proper assessment. The same applies to other key officers, such as second tier senior officers, key function holders and members of stakeholder bodies. We assess them before they are newly appointed or their position changes, and we conduct reputation assessments and reassessments of incumbent board members. The assessments are a statutory precondition for a financial institution to be allowed to provide financial services.

Fitness and propriety

Whenever a vacancy arises on a financial institution's management or supervisory board, the institution must propose a new member. We assess whether the candidate is fit for the job and whether their propriety is beyond doubt. Does the candidate possess the right knowledge and skills and display the desired professional behaviour? Is the candidate able to devote sufficient time to the position? Is the candidate a good match with the board as a whole? Are there any special circumstances that affect the candidate's propriety, such as a criminal conviction? We consider these and other factors in assessing a person's fitness and propriety.

Appointments and reappointments

Members of management and supervisory boards are generally appointed for a four-year term, after which they may come up for reappointment. A proposed reappointment must first be submitted to us for approval. Only after we have approved an appointment or reappointment may a candidate take up their position.

How assessment works in practice

We receive between 1,700 and 2,000 assessment applications each year. Together with the application, an institution must send us the candidate's CV, function profile and propriety information, and an explanation substantiating the proposed appointment. We use this information to assess the candidate's fitness and propriety. In some cases, we need more information to make a well-considered judgement. We will then invite the candidate to an assessment interview or contact referees for more information. We work alongside the European Central Bank (ECB) to assess management and supervisory board members of large banks.

Reliable financial sector

In assessing prospective management and supervisory board members, we contribute to a reliable financial sector. This is because they have a large impact on an institution’s strategy and corporate culture, and therefore also on its soundness and future viability.
Read more about assessments of management