ABN AMRO Bank N.V. (AMS:ABN)

AGM 2020

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Apr 22, 2020

Ladies and gentlemen, welcome shareholders and depository receipt holders. In this very exceptional time, I am opening the meeting and welcoming you. On behalf of the ABN AMRO, I am President Tom Desphin as the Chairperson of the Supervisory Board and the following Supervisory Board members are present on video. Arjan Dorland, Vice Chairman, Jyrf and Stefan Charlene Timstraub Michael Lapp, Anna Storakkers and Leticia Griffith. In addition, on behalf of the Board, we have Kees van deikhuizen present. The following members of the Board are present via video connection: Tanja Kuppen, Chief Risk Officer Clifford Abrams, Vice Chairman and Chief Financial Officer and Christian Bornfeldt, Chief Innovation and Technology Officer. Hanneke Dorismann is acting as secretary to this meeting and she is present as well. Robert Swack, our new Chairman of the Executive Board and CEO is present via video connection on behalf of Our auditor, Walter Schmidt, is present via video connection on behalf of the employee council. We have Rianne Kamphuis also connected via the video. And Notary Klumpkens of Zaydrup Notarisen is present at this meeting to oversee the correct procedure of the vote. Finally, the STAK AAB, the Protective Foundation is attending this meeting via webcast. To the extent that Sakaabe is acting as an authorized representative, Sakaabe has cast votes prior to the meeting. Please note the following general remarks. First, please put your mobile phone on silent and do not make any video or audio recordings or take photographs. As you can see and have read in our announcements, Avian Amro to curtail and avert potential health risks has made the unusual request to shareholders and depository receipt holders not to attend the meeting in person. Instead, the bank has urgently requested use that people use the option to cast their vote via electronic or written proxies or through virtual participation. Large numbers have complied with this request. The number of those present is minimal today. We have only 1 depository receipt holder present. As announced prior to the meeting, the person present is not in the same room. Nonetheless, we would like to enable all shareholders and depository holders to follow the meeting and participate actively in the meeting. The meeting will be in Dutch and as usual, it will be webcast in both Dutch and English and broadcast on the ABN AMRO website. For those present here, a live connection has been set up so that they can see the meeting on a large screen. Attending this meeting virtually is possible as well considering the exceptional circumstances. This time, virtual shareholders and depository receipt holders may ask questions during the meeting online. Please use the Lumi application for that. I'll elaborate on that in a moment. Finally, shareholders and depository receipt holders have been requested to submit questions prior to the meeting. These questions may or may not be combined at the relevant agenda items during the meeting. The entire meeting is recorded on audio for the minutes and the minutes will be made available from 20 to July 2020 for 3 months on our website. Afterwards, the minutes will be adopted according to the articles of association will be signed by the Chairman and the Secretary. I note that shareholders and depository receipt holders have been convened in accordance with the law and the articles of associations. So legally binding decisions may be taken and shareholders and depository receipt holders have not proposed items to be addressed at this meeting. On the screen behind me, you see the issued ABN AMRO Capital, which comprises $940,000,000 and one share. I will now briefly elaborate on the procedure during the meeting. You saw the agenda in the convocation. This is details behind me. You see the agenda again on your screen. Some agenda items comprise multiple items such as agenda item 2 that comprises 2A through 2G. And we will cover as many as possible sections and presentations pertaining to an individual agenda item consecutively. After the presentations, we will answer questions relating to those presentations. Agenda item 2, that will be the case following the presentation by our auditor Considering the internal cohesion, you will then have a proper and complete overview. Since agenda item QE will be presented to you for an advisory vote after this agenda item has been described, there will be an opportunity to ask questions. And answering the questions, we will start by answering the questions received in advance. After that, we will answer questions from participants in the room and the questions submitted by virtual participants during this meeting. I request participants from the room who has a question to rise if he wants to ask a question so that I can see. We are pleased to enable all virtual participants to ask questions while keeping track of time. To give everybody the opportunity, we suggest asking a maximum of 3 questions per agenda item. In addition, as we've announced, virtual participants may ask questions only if they have also submitted questions in writing prior to the meeting. Because of the minimal delay in the webcast connection, Every moment that virtual participants ask follow-up questions will be followed by a minute break to give these follow-up questions a chance to be asked. Both virtual participants and participants in the room will have the opportunity to cast their vote throughout the meeting. As virtual participants will have noted in their application, the vote has already been opened and will remain open until the close of agenda item 10, which is the final voting item on the agenda for participants. In the room, you may cast your vote throughout the meeting by using your smartphone, tablet or PC on all agenda items. Hopefully, you've downloaded the Lumi AGM app and have received instructions from the registration desk. You'll have indicated the 9 digit meeting ID number followed by your personal username and password upon registration. Hopefully, you've already logged into the Lumi AGM application. There are people in the room who can assist you if necessary. I assume that that's all up and running and that everything is working. On your smartphone or tablet, you'll see the option to vote in favor against Reb Steyn as soon as the vote is open. If you do not make a selection or press multiple buttons at once that counts as abstention and the voting will remain open for those in the room until the end of item 10. The voting results will be disclosed at the end of the meeting. In addition, as you've read previously at the recommendation of the ECB, the ABN has rescinded the dividend proposal which is agenda item 3B. I'll tell you more about that during the meeting. And given the exceptional circumstances, ABN AMRO has had to cancel all social gatherings relating to the AGM. So unfortunately, there will be no reception after the meeting. And I now close this agenda item. That takes us to the agenda item 2A, which is discussing the report by the Executive Board. I'm pleased to give the floor to Kaes van deikhuizen to present the report by the Executive Board. Thank you very much, Tom. Well, on behalf of the Executive Committee, I'll just give you to our activities over the past year. 2019 was a year in which we focused on carrying out the three pillars of our strategy. We also managed to achieve solid results in the course of that despite challenges such as the sustained low interest and even negative interest. This is also when I announced that I would be leaving ABN AMRO. I'll be leaving passing the baton on to Robert Spark at the end of today's meeting. The end of 2018 then, we were looking at the new purpose banking for better for generations to come. In recent years, we saw that this purpose gave staff the correct compass they needed in order to make the right decisions, particularly in difficult situations such as the ones you faced in recent months. And now for 2 years in a row, we found that many a huge majority of our staff are in favor of this. Our priority then is also all of our stakeholders who also have satisfactory yield for investors and good banking experience. There are 3 pillars underpinning our strategy. Sustainability is and has long been an important issue for us. Sustainability is at the heart of our modus operandi and our purpose. In addition, though, it's also a business model. You can see this, for example, from the fact that €21,000,000,000 from our private banking clients was sustainably invested in the course of the year. I'm also delighted to see the progress we're making on issuing loans for alternative energy sources. In recent years I beg your pardon. In the recent year, we've also greatly improved the consumer experience. That's our 2nd column. Video banking is a good example of that. In all segments, we are currently using this very customer friendly way of keeping in touch with customers. And more than 70% of all retail products and services currently take place digitally. This gives us a head start in this mode of providing services. And of course, that's extremely appropriate in the current situation. As regards commercial banking customers, we are in line with our strategy and are working hard on broadening our range of services by working together with partners such as accountancy software and cybersecurity. Finally, we're looking at a future proof bank, where our staff can work together effectively, achieve excellent successes and really think in terms of improving the customer experience, as I say. Those are the 3 pillars of our strategy. It took 10 months. It was sufficient to allow 95% of employees to work from home. We achieved that in 10 days in the light of COVID-nineteen. We've also worked very hard on improving our processes and our IT infrastructure, also though looking at narrowing the range of products that we offer. In the last 3 years, I was working together with the whole executive committee in order to look at the strategy and achieving our objectives. I was talking about the importance of sustainability for the bank earlier. And it's not just a business opportunity. It's also the right thing to do in social terms and for the generations to come. In the past 3 years, we sped up the computerization agenda of the bank. We set up successful platforms like Dicky and Grip. We've already got 10,000,000 people using Dicky. And in the recent years, we shifted from international private banks to offshore private bank for North Western Europe. This gives us a scope for further growth. Now I was talking about the cost cuttings we've achieved and performance has gone up by 10% or more. This is the highest yield of the large Dutch banks and therefore puts us at the top of the European banks. We've got a very strong capital position. Because we started amply in time to prepare for Basel IV. We're also looking at real challenges though. Firstly, we had to take we were the 1st large bank in the Netherlands to announce that more than €2,500,000 balance will result in negative interest being paid. We also they were amongst we were the 1st big bank in Netherlands to assure smaller savers below €100,000 would not get charged negative interest rates. We've worked out a very comprehensive plan in order to act as gatekeepers for the financial system. We want to put fresh on the bones of those five words, the same applies to our work with the Dutch public prosecution authorities. We cooperate with them as fully as possible. Regarding institutional banking, we also want to look now at improving yield by restricting the capital impacts in a number of sectors and activities. And of course, that work is remaining to be finished. ABN AMRO is a solid and resilient bank able to cope with difficulties in the future. Now in the last year, the Dutch economy did very well, partly thanks to comparatively low public debt, which put the Dutch state in a good position to brace itself and cope with the shock of the COVID-nineteen crisis. But the consequences of the crisis will nevertheless be very extensive. In addition to COVID-nineteen, we're expecting pressure on the markets to continue to increase in the light of sustained low interest rates. Our clients are facing a very hard time and I'm pleased to say we've got more than 50,000 SMEs in the Netherlands being given loans of €50,000,000 and an automatic delay in payments. We're also offering suspension of repayments to mortgage customers and personal loan holders when necessary. This has become the new normal. And I'm delighted to say that we've got good IT systems in place so that we can have 18,000 people working at home, teleworking the new normal. Now, of course, workers in the bank have been having to work very hard on making the new system work and providing support to difficulties businesses and difficulties and also to friends and relatives. I'm delighted to report the way in which all of our staff have really put their shoulders to the wheel in order to make sure we can have the best service possible available from the bank. I'm delighted to say that banks are part of the solution this time rather than part of the problem. And it's really good to see how governments, supervisory authorities and banks have all joined hands. We're working closely together, for example, with the ministers of finance and economic affairs, State Secretary for Economic Affairs and the Dutch Bank, but also we look at international level with international with the European Bank and the International Monetary Fund. Now the COVID-nineteen crisis and impact this impact is on the economy is going to be huge for our clients and also for our loan book. We've issued a profit warning in the light of this. Some sectors are going to be really hit very hard, which means that our credit facilities are going to be increased significantly. Of course, we're not happy to see that happening, but we have got sound capital buffers, and we are able to handle it. Robert Sverk, who will take note from me, was closely involved in all of this work over the past week. Now €2,000,000,000 profit, 10% yield. We can see really good solid results in 2019. It's a good success, particularly in light of the very low interest rates. We are, as I say, one of the most resilient banks in the Netherlands and Europe. Our costs are under control. Our cost cutting programs are working out well. Looking at dealing with financial crime activities, we continue to work hard on those. In the past, we expect that we can continue downward pressure on financial crime in coming years. In the Q4, we did have to have unusually large reserves, particularly because of bad loans in the offshore sector. Now corporate and institutional banking in the past 18 months did deconstruct €5,000,000,000 assets? It was not possible for the Commercial Banking yield to go as we wish to achieve it. We're looking to see what more we can do to get closer to our target there. What about the financial crime issue in combination with the negative interest of the income that had on income? The income ratio in 2020 will therefore not be able to meet its target. Other financial targets are the return on equity and the dividend targets all of the other targets have actually been achieved. As regards to our capital position, well, it's very high up and it's improved significantly since the share issue in 2015. We are looking at €2.06 Now we have our final dividend, which would be €1.28 which is 62% of profit. This is in keeping with our dividend policy whereby 50% of profits are paid out as dividend and additional dividends are paid out if our capital position allows it. Now because of the uncertainties surrounding COVID-nineteen, the European Central Bank has called upon European banks to postpone payments of proposed dividends at least until the 1st October. We have decided to accede to that request. The final dividend is therefore held in reserve until the fallout of the 2019 crisis can become clearer. Until a decision is made about that, therefore, it will not be added to the capital. Now as regards to our non financial targets as well, we did made really good progress in 2019. Diversity remains important. The number of women at the top level, our top 600, has held steady at 28%. In our top 60, internal in house potential for future performances, we're now coming up towards 40%. Our efforts on the sustainability front have once again been rewarded by the Dow Jones Sustainability Index, who gave us a good score. And employee satisfaction is also holding steady at the target level of 80%. Private Banking as well. Customer satisfaction remains satisfactory, although lower for some of the others, commercial and institutional. We are hoping to further improve our Net Promoter Score in coming years. That brings me to the end of what I'd say in 2019, ABN AMRO had financially solid results. And on the non financial reports front as well, we made some real progress. In the recent years, we've focused particularly on tightening up our strategy and implementing it to have our 3 pillar sustainability customer experience and future proof banking. In the last year, the bank has achieved 10% yield or more, and the bank has a sound capital buffer, partly thanks to the Executive Committee's excellent work in recent years, despite facing hostile weather such as the low interest rates. ABN AMRO remains a resilient bank and we can cope with a blow or 2 in the future. I'll be happy to hand over to my successor, Robert Sveck. I'd be very proud to have the privilege of working to improving this bank in the future, better banking for our customers, better banking for future generations. Finally, I'd like to express my particular thanks to all of our staff, my fellow members of the executive committee, the supervisory board for all the enjoyment I've had working with them in recent years. I wish my successor, Robert Zweig, all the very best in steering the bank into its next phase. Thank you, Kees, also for these lovely words. I'll be getting back to them later on as I'm sure you understand. On to agenda item 2B, which is the report by the Supervisory Board, this report appears in the 2019 annual report and I'm just going to elaborate on it briefly. One important section in 2019 was planning for the succession of the executive committee, especially the succession of CEO Kaes von Berghuysen and the recruitment and selection process of 3 new supervisory board members was another important topic for the board. Of course, other topics figured high on the agenda. These included the legal merge between ABN AMRO Bank and ABN AMRO Group, the approach for detecting financial crime, the investigation by the public prosecution service, the 2020 to 2023 financial plan and the split of the remuneration selection and nominations committee. In addition, the supervisory board was involved in and liaised with the executive board and executive committee to implement the Refined 2018 strategy and the new purpose of the bank, banking for better for generations to come. Other important topics in 2019 included improving the cost to income ratio, simplifying internal processes and controls, optimizing return on equity at the bank, updating the capital plan based on Basel IV, improving the general quality of data innovation and cybersecurity. The 3 committees on the Board, the Audit Committee, the Risk and Capital Committee and the Remuneration Selection and Appointments Committee also discussed a wide variety of topics in part to prepare the meetings and decision making by the Supervisory Board. The Audit Committee addressed financial results, bank wide risk reporting and the funding and capital plans. Those were important topics for the Risk and Capital Committee as was the progress on compliance related topics. Of course, the Remuneration Selection and Appointments Committee dealt with the search for a new CEO succession procedures and development of talent and leadership. The new CLA that took effect on 1 January 2020 and the remuneration policy for the executive and supervisory boards. And this concludes item 2b, the discussion of the supervisory board report. And I will now move on to item 2c, which is the presentation by the employee council. And I'm pleased to give Rianne Campaus, Chairperson of the employee council, the floor. Rianne, you have the floor. Thank you, Tom. Can everybody hear me? Yes. To your shareholders and depository receipt holders, I'm Rianne Campas. I chair the employee council, which is the ABN AMRO's works council. I'm pleased to give you the view of the employees of the firm. And that's quite challenging because in fact what I say here and everything that relates to banking is under scrutiny. And what I say on behalf of the employees is therefore under scrutiny as well. Is that a reason to refrain from addressing you today? Now more than ever, we aim to do this. Employee participation at ABN AMRO has chosen not to apply the speaking right to various individual items, but to use it on a different more precarious topic this week, I happen perhaps coincidentally to encounter the topic fault lines that literally relates to a gap that can separate persons or groups, for example, because of a difference of opinion or an event. And each time the topic that brought about that gap is touched in some way, the fault line deepens and the gap widens. The gap between the persons and groups on each side of the fault line keeps expanding. I see such a fault line in the daily operations of our employees during the financial crisis, a fault line emerged between banking and society. ABN AMRO is well aware that in the past within our sector some incorrect decisions were taken despite doing our utmost to correct those errors. The gap with respect to society remains after 12 years. It has not yet been bridged. Looking back on the previous year, I see the pressure on employees to safeguard our license to operate in practice to apply the progressively stringent regulations without causing our customers to become victims. And I also see how increasingly employees have to defend themselves against criticism from the media and from society, this time more than ever is making clear that we need to bridge that gap between us and society because at present an entirely different crisis figures in society that's crisis of public health with potentially nefarious consequences for our customers and for the economy in general. We will all need each other. So I hope that we'll learn to seek each other out once again so that we will trust the employees and the bank to be able to help customers constructively so that society once again acknowledges the added value of banks and recognizes that regulations are supported, but that there are limits to what is feasible and what is not feasible. And that way we can take care of each other. That's my message for today. And the second part to wrap up, but at least equally important is my thanks to Caisse von Deykas. I can say with certainty that Caisse has been one of the ambassadors within ABN AMRO in forming our purpose and certainly in conveying it. In his role as CEO, he's experienced turbulent times and has consistently given his all and his full commitment to our organization. Kees, thank you very much for your relentless dedication, including during this very challenging time. On behalf of all ABN AMROAD coworkers, we wish you all the very best. And I'm going to give you a short round of applause. Thank you so much. Thank you very much, Rian. I greatly appreciate your kind words. I suggest we move straight on to agenda item 2d, corporate governance. Now in the chapter leadership and governance in the annual report, you've seen an extensive explanation of ABN Amari's corporate governance structure. We have what is known as a 2 tier board, that is to say, an executive board and a supervisory board. In addition, there's an executive committee, which supports the executive board in carrying out its vision, strategy and preparation for risk across the bank as a whole. The executive board is the statutory government of the bank. They have the final responsibility for management and general activities in the bank. And as we said earlier, at the end of today's meeting, Caisse will cease to be a member of the Executive Board. And on that agenda item, we will come back to consider that situation. The Supervisory Board monitors, advises and supports the executive board and the executive committee in their work. The Executive Committee is responsible for guiding ABN AMRO's business actuators and those of its subordinates. The executive board brings the whole executive committee into implementing its deciding on the vision strategy and risk policy across the whole of the bank. So the members of the executive committee altogether make a significant contribution to ABN AMRO's strategic directing with a long term value creation target and of course keeping the customer at the center of things. Last year as you may remember the legal fusion of the legal merger of ABN AMRO Group and ABN AMRO Bank was on the agenda at the meeting and you decided in favor of the merger back then. This merger was then carried out on the 29th June 2019. And as a result ABN AMRO Group no longer exists. Against this background, the articles of association of executive board and the supervisory board have been adopted and those who have been in AMRO have also been amended. You will find the rules and the articles of association on the website. Furthermore, the Supervisory Board has decided that the remuneration commission and the selection and nomination commission should be separated out. From November 2019 onwards, ABN AMRO has a separate remuneration commission chaired by Ejell Dorland and a separate selection and nomination committee chaired by myself. In that framework as well, the bank's rules have been adapted as I'm sure you've seen on the website. At this moment, NLFI holds 49.9 percent of ABN AMRO's shares and SAC AAB 50.1%. In addition, NNFI also holds 6.4% of deposit fee receipts. With the deposit fee receipts, it has a 56.3% holding in ABN AMRO as well. Finally, I will inform you that ABN AMRO provided a report in the annual report on its performance according to the corporate governance code in 2019. We meet all the requirements of the corporate governance code apart from some provisions set out in the corporate governance codes and regulations section dealing with that in detail in our annual report. In addition, on our website, you can find an extensive overview of the bank's corporate governance code and how we apply it. Move on now to agenda item 2E, remuneration report over 2019. And here I refer you to the remuneration report as set out in the 2019 annual report. And in particular, we have a meeting document to deliver that. I give the front of Ian Dorland, who is chairing the remuneration committee. He will run us through the policy. Okay. Envian Amor has a moderate remuneration policy that meets all the rules for public listed and financial institutions. This includes restrictions concerning variable remuneration and there's a prohibition of bonuses for some employees and senior management. The foundation for the remuneration principles within the bank are set forth in ABN AMRO's global reward policy and ABN AMRO's purpose banking for better for generations to come and are applied bank wide in compliance with local circumstances. The supervisory board approves the general remuneration principles and did so in the year under review. In 2019, employees in the Netherlands were subject to the ABN AMRO CLA 2018 to 2020. Now a new 2 year CLA has been signed that will be in effect until 1 January 2022. This new CLA reflected various adjustments in terms of employee contributions to the pension plans of it, it will remain fit for the future. As for employees outside the Netherlands, in applying remuneration principles, local and relevant circumstances and job markets and regulations are considered as well. The executive Board has been subject to a separate remuneration policy since 2010. This continues to be based on the policy as adopted by the Executive Board of ABN AMRO at this time. Since then, there have been some adjustments in compliance with more rigid regulations such as the prohibition on bonuses since 2011 and the WBFO that has applied since 2015. In 2019, the contractual relationship with the executive board was amended as a consequence of the legal merge because the 4 executive board members are managers according to the articles of association. They could no longer work based on an employment agreement. As of June 2019, the employment agreement was therefore transitioned into what's known as a services agreement. This conversion has not affected the applicable working conditions and remuneration. The supervisory board is responsible for awarding the remuneration of the executive board within the limits of the remuneration policy adopted by the general meeting. The principle is a total remuneration package slightly below the median of the relevant market. As long as the Dutch state holds shares in ABN AMRO, no variable remuneration can be awarded to members of the executive board and there's also a prohibition for individual adjustments of the annual base salary. The base salary of members of the executive board may be adjusted only in keeping with collective salary adjustments according to this bank CLA. Since 1 January 2019, the salaries of the 4 executive board members have therefore been increased by 2.5 percent pursuant to the salary increase in the bank CLA for 2019 2020. The ratio of the average annual implementation compared with the complete annual remuneration for the CEO remained the same in 2019 as the ratio in 2018, which was 9.6. This is calculated by dividing the remuneration of the CLO CEO by the average employee remuneration. This includes pension costs and this is based on the average number of employees in 2019. In 20 19, the ratio was 11.4 in 2017, it was 10.0. The relatively low ratio aligns with the moderate remuneration policy that applies within ABN AMRO. For additional information about remuneration of executive board members, please see the remuneration report included in the 2019 annual report and note 35 to the 2019 financial statements. The fixed salary for the 5 positions within the executive committee that are not members of the executive board is based on the executive board salary taking into account the different responsibilities of these executive committee members. The salaries of the executive committee members reflect the collective wage progression of the ABN AMRO CLA and in compliance with this been increased from 1 January 2019 by 2%. For additional information about the salary and remuneration of individual executive committee members, please see Note 37 of the 2019 financial statements. Remuneration for members of the supervisory board is determined by the general meeting. ABN AMRO does not grant variable remuneration or shares or options to supervisory board members. The fixed remuneration for serving on the supervisory board and the different committees has remained unchanged since 2010 and appears in the 2019 remuneration report. Since November 2019, there have been the 4 committees as a consequence of the decision to split the remuneration committees from the selection nominations committee. Remuneration for membership of subcommittees of the Supervisory Board at a maximum of 2 committees. For additional information about the remuneration for individual supervisory board members. See note 35 of the 2019 financial statements. Finally, the auditor has reviewed whether the remuneration report contains the information required by law. Thank you very much, Arjen, for this information. Harring O'Ach? Thank you very much, Arjen. Well, ladies and gentlemen, as I said at the beginning of the meeting, we will now deal with replying to any questions that apply to the remuneration report 2019. Other questions dealing with the annual report on quarterly governance and the financial statements will be dealt with under the next agenda item. First, we will deal with the questions which were submitted in advance, if any. Then we will invite the one person here in person to ask questions if he wishes, and thereafter, we will deal with the follow-up questions submitted during the course of the meeting by people taking part online. Now questions which are asked during the question during the meeting online will be sent on to us via a moderator. As we told, you are kindly requested if taking part online to have a maximum of 3 questions per agenda item. For the person attending in the room, I would ask you please if you have a question to go to the microphone. If you don't go to the microphone, I would assume you have no question. And again, for you also, maximum 3 questions per item please. This gives all shareholders and deposit unit holders the opportunity to ask questions while keeping the time scale of the meeting reasonable. I can now inform you that there are no questions submitted on this agenda item. We therefore turn to the person attending the meeting here. Any questions from you? No, there are not. So you have a question. Go ahead, please. Yes. My question is it's not quite clear how things are working. Are you asking for questions from shareholders out in the around the country or me? Yes. As I said, the way we're doing it is that shareholders and holders of depository receipts who are taking part online may have asked questions in line. I'd be able to submit questions. Then we give you the flosser. If anyone has any follow-up questions online, they ask them next. So if you have any questions on this agenda item, remuneration report 2019. And please now go ahead and ask your question if you have one. Yes. I can combine this with the new CEO, if you wish. The Chairman, yes, has an excellent idea. Okay. Agreed. So we will now move on then to the first voting item. But before I do that, I'd just like to explain tell you about the amount of capital represented today and voting instructions. You can see on the screen I hope you can. Yes, it is on the screen. We have the figures regarding presence today. We've got 840 shareholders and depository receipt holders, either personally or online joining us today. And they represent 769,523,853 votes, which is to say 81.86 percent of the total votes in the capital at issue. Well, ladies and gentlemen, we'll be voting online as you all have gathered. Prior to the meeting, shareholders and holders of depository receipts were invited to cast an e vote in advance. Those votes are included with online votes cast during the course of the meeting and will be incorporated into the results which will be displayed on the screen at the end of the meeting. As I said at the beginning of today's meeting, the person who's with us today and the people taking part online can vote at any time during the meeting if they wish. All agenda items are open for voting at any time. If you wish to vote in favor, that means you're expressing a positive opinion against means in favor of negative advice regarding the remuneration policy in 2019. The result of the vote is advisory. It is an advisory non binding vote. As informed you earlier, the results of the vote will be displayed on the screen at the end of the meeting. We'll now go on to agenda item 2F. Ladies and gentlemen, this is a presentation from the external auditor E and Y regarding the auditing work carried out by them in preparing the financial statements for 2019. I'll give the floor to Wouter Smit from E and Y. Yes. Thank you very much, Sharon. I'd just like to run through what we did as external auditor. My name is Walter Smit. And since 2016, I've been the external auditor for ABN AMRO. In this presentation, I'll be briefly running through the scope of our audit, our approach, the key audit matters at the risk areas on those materiality that we applied, the communication and coordination with the bank, And I'll tell you about our findings in the end. So you can see the scope. What we did is look at what exactly did we look at? We looked at the financial statements and the director's report. We do a half year report over the 6 monthly figures. We also look at the Q1 and 3 quarter figures in the interest of the ECB that is. We carry out a review of the integrated annual review. And then we look at COREPFINREP and other prudential reporting which goes on to the Dutch National Bank. On the right hand side, you can see the timescale. We're basically involved with the bank auditing work throughout the year. What about our approach? Well, in line, some things are the same as previous years, others are different. We have what we call an understand the business exercise. We look at global knowledge of the sector to see what we would expect from banks. We call that top down and risk based approach and in line with all Dutch and international auditing norms. We look at estimations and scope and this produces what we call an audit plan. We then discuss the audit plan with the executive board and the supervisory board. In our audit plan, we say where we will be relying on internal management control systems in the bank and where we will be carrying out extensive or complete monitoring. We look at which individual activities and countries we will be focusing on in auditing the bank. We don't only deal with ABN AMRO's Dutch auditing. We are the external auditors for all countries where ABN AMRO is active. On the basis of this risk assessment and scope, we come we decide what kind of depth we want to go into in our various kinds of investigation. Our non Dutch auditors are then sent detailed instructions telling them how to proceed and how all the audits are to be carried out. They then report back to us both on-site and here where we discuss them in the bank's headquarters. We've got a team of sector specialized auditors. All of them are fully trained and are independent from Aviat AMRO. And we turn to experts in our auditing work for a number of issues such as evaluation of financial instruments, IT, hedging model, fraud, corruption risks. So what's different from last time? Because of IFRS 9 in particular, we've got more specialists in our team than we used to have. Moving across to the right hand side forecast, what are our key audit matters? Well, as we said in our planning, the first is reserve for the expected loss calculation. That brings in even more modeling and even more subjectivity as regards our activities. We can look particularly at the challenging documentation of all the assumptions the bank is making. Here we have our modeling experts here and there's far more disclosure than they used to be. 2nd point for attention is other provisions, provisions for claims and compliance related matters. As you may or may not know, the provisions are set out here by the IFRS 1. There must be an obligation as a result of an event in the past. There must be more than 50% likelihood that a payment will take place and there must be a reliable estimation of the amount to be paid. Those are the three conditions. Regarding the legal claims provisions, well, we looked at lawyers' letters. Then we've got the CDD program, which also have provisions for. We look at other bank's calculations. There's a number of subjective elements here looking to see what needs to be provided where additional capacity is required from the bank. A third audit point as we call it is the Department of Justice's investigation. ABN AMRO is under investigation from the Department of Justice. When the investigation will be completed and what its set aside for that in 2019. The last set aside for that in 2019. The last point is reliability and continuity of the IT systems. We're looking at the cyber risks and the change management procedures and that again is dealt with in our statement. As regards our final statement, you can see our item by item observations. Next point is materiality, euros 140,000,000 that's on the basis of international standards. Here it's in fact 5% of operating profit before taxation compared with previous year it was €150,000,000 because profit was a little higher. Now we don't apply materiality exactly the same way to every item. If you look at the remuneration of the executive board, you see we looked into without any materiality threshold to make sure every last detail was correct. On the right hand side, what topics should we discuss with the Audit Committee and the Supervisory Board? Well, our independence, our overall approach was approved. We presented it in a management letter in which we say what our findings and recommendations are regarding the internal auditing landscape in the bank. Major estimates were put forward and assumptions. We assess these every year. We report back to the Supervisory Board on that. And we look to see how reasonable their estimates are on the basis of IFRS. They may be conservative or aggressive. Finally, every quarter, we report to the Supervisory Board on our findings regarding the quarterly reports. And once a year in our audit report, we run through all the formal aspects, for example, continuity, IT, any discrepancies found and anything found by our component auditors outside the Netherlands. On this slide, you can also see it says, I quote, significant difficulties encountered during the audit. That's on the list. I'm pleased to say we have nothing of that kind of report in 2019. In accordance to the corporate governance radials, we also have person to person discussion with the audit committee, the risk committee and the Supervisory Board Chairman. Next slide. Yes, here you see the ISO 250. This is a legislation regulation which we incorporate into our audit. We deal here with some on the left hand side, we have IFRS, tax rules, BWT, is legislation that has a direct impact on the financial statements, those included in our audit approach. We distinguish between those and those legislations which will have an indirect impact on the financial statements, for example, MiFID II and GDPR, we look into those if we think they will have a significant impact on the financial statements. We look at the systemic integrity risk analysis. We look to see whether there's anything we need to flag up regarding assessment, and we look at the risk of materiality and risk. We have forensic auditors who are specialists in dealing with this kind of work. And they get together, of course, with the supervisor authorities. On the next slide, you can see non financial information. And how do we deal with that in our audit? Here we look at the directors report in order to see whether we the bank is acting in line with all the information requirements and the corporate governance code. Here again, we bring specialists to bear in order to assess the work documents. And when it comes to sustainability and climate policy, we actually have a special separate team who deal with an annual review report in order to provide assurance on that matter. Moving on to the next slide, the risk of fraud. Here, we look at the whole machinery of monitoring systems in the bank. I hope you can see it on the slide now. Yes, there it is. That's the one. Here, you can see prevention, detection and response. Now it's not different not in C because it's rather small wording on the slide, it's rather small font. But simply look at journal entries, we go through all of those. We check the correctness of accounting estimates. We look at those matters which anything which might crop up, which wouldn't be expected in the course of normal business practices. We look at our forecasts and provisions and so on, and we talk through all that with the supervisory board and others. This brings me now to my last slide, Chairman. What were our findings in the end? Well, we've got an unqualified opinion for 20 19. We're going through key points materiality and scope. We've also issued quarterly reports on the reviews. We've looked at all the various subsidiaries within the company and around the world. And all in all, I can say with the COVID-nineteen readiness, as we would call it, we would say it will have no had negligible impact, if any, on the 2019 financial statements. Apart of course from the need to disclose in the financial statements. Thank you, Chairman. Ian White? Thank you very much, Wouter Schmidt at Ian White. Ladies and gentlemen, as I already indicated at the previous agenda item, we will now proceed to answer the remaining questions relating to the annual report, corporate governance and the financial statements. And as indicated previously, we will start by answering questions we received in advance. And Mr. Slaus has submitted 3 questions about this agenda item. Thank you, Mr. Slaus. I will read them out so that everybody can hear your question loud and clear. You asked, first of all, what is the legal foundation for charging the costs the bank pays to the ECB for storing money there if investors have nothing to do with and are rigidly separated from the operations of the bank. Is that reasonable and fair? The operations of the bank are rigidly separated from the operations of the many investors that for which the bank already pays costs such as transaction service fees. Investors each have their own responsibility. The bank has its own rigidly separated responsibility if the bank incurs costs that it is responsible for and not the investor. Your second question was on the graph, long term interest rates are gradually rising and the 10 year interest rate has already exceeded 0. What will the bank do if interest rates go back in the black in the future and the decision by the bank is then and will the bank's decision then be reversed? Question 3 is the ECB will accommodate the banks with measures and then perhaps that decision will no longer be necessary and can it be reversed? Okay. So please answer the question. Thank you, Tom and thank you, Mr. Slaus for your questions. Regarding your first question about storing money at the ECB and the cost we charge to our private banking and commercial customers, I can tell you that the bank incurs these costs and passes them on. We do not make any money on that. Customers with assets below €100,000 as we said are not charged for negative interest rates. Your second question is what the bank will do if the interest rates go back in the black in the future. I cannot anticipate that we communicate changes in interest rates when they happen for competition reasons. I cannot say anything about that. Your third question related to possible reversal of the decision. If by that you mean possibly reversing cost charged to our wealthy and commercial customers, please refer to my previous answer. Those are the costs we charge. Also, we've noticed that our strong capital liquidity position and our important role in the Dutch economy have led us to communicate some measures in recent weeks, measures for our customers measures to support our customers affected by the corona crisis. Next, I'll proceed to some questions from the VBDO, the Association For Investors in Sustainable Development. The first question of the VBDO was as follows. We would like to express our compliments to ABN AMRO for publishing the 1st climate risk analysis for the mortgage portfolio. Thank you very much for the compliments. In this analysis, the conclusion is that although the total home portfolio is not exposed to great risk due to floods or drought, there is a group of customers that face a significant risk, especially if these people are unable to or have difficulty financing adjustments to their home because of other socioeconomic circumstances. How will ABN AMRO use this information to protect risk groups? How will ABN AMRO support this specific group financially in the future to withstand the consequences of climate change. 2nd, the video emphasizes its appreciation for the ABN AMRO for both quantifying and publishing the positive and negative effect of the bank. We understand that this process reflects continuous development and the indicators, especially for social impact, maybe scarce to calculate social impact. There are 3 indicators: child labor discrimination and failure to pay living wage. This results in a relatively low impact value, especially when compared to the positive social impact on other stakeholder groups? Can ABN AMRO commit that when the announced redefinition of the most important risks takes place, the social impact indicators will also be analyzed and complemented if necessary. VBDO 3rd, would like to complement ABN AMRO for its new policy of granting paid parental leave for up to 6 weeks. Equal distribution of parent parental leave between parents is important because it may reduce income differences between women and men. On average, women in the Netherlands earn 15% than men in the Netherlands. In the supervisory board report, it turned out that payments are equal within ABN AMRO. Is ABN AMRO willing to report on the gender pay gap and calculate it for 3 levels workforce, senior management and executives in 2020. Kaes, would you please answer these questions? Thank you to the Thebeo for these questions. Regarding question 1 about supporting risk groups against climate change, we are devising a strategy to use our analyses as needed to inform and protect customers. We are extending our horizon beyond our own group of customers because the risks identified apply not only to ABN AMRO and our customers and because these groups of people with a home and households may be large nationwide, we regard this not only as an individual risk, it's also potentially a social problem. So in the coming year, we will talk with other banks, local authorities and other market operators to identify more consistently and possibly envisage a joint solution? Your second question about impact reporting that is an up and coming discipline and ABN AMRO is a trailblazer there. Thank you for your compliments because it remains dynamic. It's perfectly conceivable that in the years ahead, we may include other risks, indicators or topics in scope. Now finally, your question about diversity. Thank you once again for your compliments. Diversity and inclusion figures higher on the ABN AMRO agenda. I just mentioned this in my introduction. And in that context, gender pay gap is positioned on our agenda. We've discussed that topic several times this year. It is not yet sufficiently crystallized, but we'll be pleased to keep you informed when that is the case. Thank you, Kees, for answering these questions from the VBDO. Next, I would like to raise the questions by Mr. Mark Koning on behalf of MN Services Asset Manager of PMT PME and Pensionfonskopfordae among others. These questions are asked in part on behalf of APG and PTGM as well. Thank you for your questions. You write the following. ABN AMRO had a difficult year in part because of the low interest rates and the announcement of the investigation by the Public Prosecution Service relating to the Anti Money Laundering Act and legislation against financing of terrorism. The circumstances that follow publication of your annual report are at least as challenging. At the same time, we share your optimism about the fundamental features of the bank and the strategic course of the bank. We support the disposition of the AB and AMRO to want to be part of the solution in this crisis. In the previous The second question is coming. In the previous quarter, at clearing in the U. S, you suffered a deep loss of about €200,000,000 caused by closing positions of a single customer. Can you elaborate on what caused this? And what the ABN AMRO is doing to avert such losses in clearing? And a third remark from Mr. Kaoming concerns possible consequences following the investigation by the public prosecution services. No provision is possible yet. Can you reflect on what the announcement of the investigation has meant for the bank? What the investigation itself means to the bank and what it may mean in the future. Case, could you please reply to these three questions? Thank you. Regarding your question about the loss on clearing in the U. S, I can tell you that a customer with vast divergent positions ran into trouble given the very extreme market circumstances. We intervened to manage the position, ultimately had to close it and sell it at a serious loss because of the massive volatility. The loss was impossible to avert as to the question of whether we can prevent this in the future. In the history of ABN AMRO Clearing Bank, this has not previously happened. Clearing has an excellent track record in terms of lending losses. We have almost all positions of customers in view real time and the impression of the other clearing customers is good. You asked about the significance of the investigation by the prosecution service and what it means for ABN AMRO. We can't say anything about the investigation. While it's ongoing, we're cooperating over the years. ABN AMRO has invested in various programs such as trust and reliable banking and structural AML know your customer process and we'll continue improving them to serve as gatekeeper in the financial system. Now next, the VEB has submitted a long list of questions on agenda item 2 and I'm grateful to the VEB Association of Stockholders for that list of questions. We have responded in writing to the complete list. We summarized some of the questions for this meeting and we will now reply to them successively. Some questions understandably relate to the impact of COVID-nineteen on the bank's financial position, including the capital position, including during extended stress period, the feasibility of the financial targets and the role of the bank as attributed by the government as a transmission mechanism to support the actual economy case. Would you please reply to those questions here? I'll be happy to, Tom, and I'm grateful to the VEB for the long list of questions. At end 2019, APN AMRO had huge capital and liquidity buffers in addition to the minimum requirements of the regulators. In the meantime, the regulators have temporarily reduced the requirements during the crisis, which has further increased the capital buffer. In addition, ABN AMRO has decided to suspend disbursement of the final dividend for 2019 and not to distribute an interim dividend in August 2020. That means that ABN AMRO will be able to accommodate serious loan losses for a few years. Various scenario analysis, including a stress test performed since COVID-nineteen erupted, we are able to withstand and make do with our current capital liquidity buffers. To support our customers in these times, ABN AMRO has decided to support to automatically support commercial customers with loans up to €50,000,000 in the sense of interest and repayments on 6 month loans for 6 months until unless the customer does not want that private customers with mortgages or consumer credit were eligible for 3 months postponement of interest and repayment. That should give them some space to breathe And there are also expansions of existing products such as state guaranteed loans and they're also known as the BMKB or GO provisions. We will carefully consider any request for this product because the company needs to be basically healthy and capable of sustaining the loan and ultimately repaying it. Responsible lending is important also at this point. ABN AMRO has indicated previously that considering the present interest environment, 2 financial targets will not be achieved in 2020. These include the cost income target and the return on equity that compounds this crisis compounds that so that the long term consequences for the economy, our customers and the quality of our credit portfolio is presently uncertain. Thank you. I will now continue with the questions from the VEB. VEB has also asked questions about risk management and high lending losses in 2019 and the ambitions of various business units. Kees, would you once again please reply to these questions from the AEB? First, risk management, especially at this time is absolutely essential. At this point, these positions are monitored more actively than previously, not only in corporate institutional banking. As you know, ABN AMRO has been decreasing certain exposures for a while and continues to look for ways to improve the cost income ratio. We have good digital products and digital customer services and the present day and age prove their importance and we're trying to see how we can continue expand them efficiently. Private Banking remains focused on additional growth and possible expansion of strong positions within Northwest Europe. The loss of a few customers will not change that and will not change the profitability of private banking. As previously indicated, we are now considering how to structurally improve the profitability of corporate and institutional banking. Finally, various initiatives should yield additional income. These include a shift within the private bank from customers within execution only mandate to an advisory model or discretionary asset management and developing various partnerships and platform initiatives within Commercial Banking and within Corporate and Institutional Banking, we aim to increase cross selling and originate to distribute. In addition, the VEP has also submitted some questions to Ian White. The questions are as follows. The first question is one of the 4 key audit matters relates to the provisions for envisage these relate to impairment allowances for loans and advances to customers. The explanation of Ian Huai relating to the structure of the audit and the audit certificate acquired differs from the year before in some respects. A) Can ENY provide a substantive explanation as to how E and Y has analyzed the developments in a composition of the loan portfolio? B, has in some way changed its audit approach with respect to this key audit matter compared with the audit of the 2018 financial statements? The second question from the VEB to is indicates once again in quotation marks that it selected individual loans at various stages and to have conducted detailed case file reviews. A, according to in Y's key observations, has in Y noticed in various cases a difference with respect to the timing of the impairment? What does this observation mean specifically? How many individual cases are concerned and what amounts were involved? And b, part so 2b, following the audit operations and conclusions by Ian Y, has an adjustment been made in the provision taken by ABN AMRO for each individual loan? And the third question from ENY to VEB, it reads as follows. In the key audit matter concerning the reliability and continuity of IT systems, in why notes that the systems require improvement in why qualifies the reliability and continuity of the IT presently as acceptable, whereas last year, it qualified them as adequate in quotation marks. Can Iain Y explain this changed assessment and the difference in the qualifications used? And I'll ask Wouter Schmidt to reply to these questions. Wouter? Yes, Chairman, the composition of the loan portfolio, the answer is that for each sector, there is separate audit team concerning issuing new loans as well as about managing the different portfolios. These teams discuss every quarter the changes there and any external developments that are relevant for the sector. We also use data analysis increasingly to identify exceptions and trends, for example, in analysis of interest on new issues. We also take note of the product approval process within the bank for new products and examine what the new products are with the launch. That's not yet very material for the balance sheet of the bank, but we observe the quantitative aspect to remain informed about the latest trends and identify new risks for the financial statements that result from this. Question. 1b was whether we changed our audit approach with respect to this key audit matter. No, the approach was similar. The difference was that we are able to rely far more on data analysis such as migration of risk categories or details about loans recently issued next to a. According to the key observations, a difference was noted. In some cases, that's true. In some cases, because we assessed a provision differently from the bank. And in some cases, there was also a shift between quarters, but we did not consider these differences to be material. And B, has there been an adjustment following your audit operations? Our remark is that we did not reach conclusions based on individual loan, but by portfolio since the questions were not classified as material. The bank did not make any adjustments and were apparently unnecessary. 3rd, with the key manager IT system, we generally use the same approach as we did last year. The wording is slightly different in English. I believe that acceptable and adequate are roughly the same if you translate those back into the Netherlands. I didn't think very much of it. Thank you very much, Wouter. I'm just looking to see whether there are any questions from the person who's with us in the room. Yes, go ahead, please. Yes, just one moment, please. Yes. Good afternoon, Mr. Bissaint. I'm delighted to be here in the ABN AMRO's headquarters today, although I am the only shareholder present here. Everything has been set up very, very well. I've got lots of space around me. This is an excellent example. And I really urge you to show pictures of the room where I'm sitting. This is an example of how we are launched on a new era where we will be keeping 1.5 meters distant. Can I ask you for your name, please? Robert. Yes, of course. My name is Robert Fraker from We Connect U Public Affairs and Investor Relations. And I provide assistance and advice to private and public sector organizations. Now I feel very safe here today. I'm much safe here than I am in the local supermarket where people often come within a foot or 2 of me. And people actually bump into you. Perhaps you could get together with other CEOs around the Netherlands to see what could be done because Albert Heijn just won't listen. ABN AMRO with the Executive Board and the Supervisory Board is characterized by great openness and accessibility. And I'd like to congratulate Rhiannon, who was saying also what is being done. And well, there's still a gulf. How does this happen? Well, as I said to you last year, Mrs. Desvan and the year before that as well, in fact, ABN AMRO and Raabobank's CEOs are completely invisible. I never see them. I can't see them in person ever. And that's very unhealthy in a time like this where customers really need guidance. So my question is, can you do something about it at last? The current CEO doesn't need to, but the incoming one perhaps could try and make this into a priority for him. How is he going to put this idea into practice? Secondly, every cloud has a silver lining. Currently, we're not only meeting the 2,030 climate objectives, we're actually meeting the 2,050 climate objectives. Everything the air is clean in the Netherlands. We've finally reached our objectives. But what matters is that all the large company CEOs in the Netherlands have now got beautifully sustainable companies. But in the meantime, the Netherlands is still the dirty old man of Europe. We produce a lot of pollution here. How are you going to get together with the government to do something about that, to make us into a cleaner country? That's my next question. Now my third question, money laundering. Now ING had to pay £700,000,000 here. ABN AMRO will be getting a claim against it, a very large one. And what strikes me is that 40,000 reports a year, What does the public prosecution authority do with all these things? As far as I can see, they don't do a thing. And perhaps the auditor could shed some light on what actually happens here. How many reports do you get? And in how many of those cases did the prosecution authorities actually do something? Because it's absolutely absurd. ING has paid €700,000,000 I think ABN AMRO will be ending up forking out €700,000,000 Well, the actual prosecution authorities are falling down on the job and not prosecuting these cybercrime gangsters. So I look forward very much to your questions. Thank you very much, Mr. Frayken. Firstly, if I could just correct you from it. Rene Dorland is the wrong name, it's Jena Kamphaus, who's a staff representative. And Ian Dorland is in charge of the remuneration committee. But don't worry, it's just a confusion regarding names. There's an awful lot of names to deal with. So please, we understand that little confusion is quite normal. I'd like to deal with your first question myself and then I'll ask Kees to come into deal with the second one dealing with climate objectives and the WWF and their role in this. And perhaps the external auditor might wish to speak on this. I don't think it will be particularly anyway, we shall see. First of all, I'd say that in the last few weeks at any rate, how should I put it, people have been getting their heads together a great deal since the crisis erupted. Banks have become very much in the public eye because we're taking steps. I think it's important to take the right steps. It's much more important than sitting around in talk shows. We've got to do the right things. And on that front, I think that ABN AMRO and the other banks have really shouldered our responsibilities and we've made it clear how we plan to be part of the solution rather than part of the problem. In very specific terms, I'd say that in the past weeks, the number of leaving interviews with Mr. Dijk has already well, they're very numerous. And interviewers will be with Mr. Smart as he stands up. We're also in the news quite a lot. So on that front, I think you can say that how shall I put it? There is certainly a trend towards your suggestion, which is that banks should be more visible in society as a whole. I'm very much in favor of that by the way. But you've got to be able to tell a good story. I think you're a communication specialist, Mr. Frickin. You could only communicate with the outside world if you've got a good story to tell. And I think we've got that. I think we can see that in cases interviews marking his departure, he sets out our purpose and our focus on diversity, sustainability and so on and so forth. I guess a good story to tell the outside world. Perhaps I could now ask Kees to say a little bit more about climate and your vision in these things, Kees, and perhaps also the Terrorist Finance Act as well. Yes. Thank you very much for your questions. Well, climate objectives. Regarding ABN AMRO, it's vital well, I mean, you'll start again. You're in the building. You see what happened again. This building is called Circular. It's a completely circular building. We're involved in making all our office spaces more and more sustainable. We are greening the company, but that doesn't make the Netherlands green. And well, the things that what we can do, we can provide leverage by helping our clients to become greener. That's the way in which we are setting objectives whereby we hope to have an A grade for all our IT clients. There's more than 1,000,000 of them. That's how you make a difference in society as a whole. So commercial banking or SMEs and large companies, all these different sectors in the bank, we're talking to all of them about making improvements, particularly in the real problem areas, to see how we can make the Netherlands and indeed the world as a whole a cleaner place. We have some objectives here and that's what we're doing. Regarding the Terrorism Financing Act, known as WWFT in the Netherlands, Well, reports do go into the public authorities and the public authorities takes response, which they don't necessarily tell you tell us about. That's quite normal. So I'm sorry to say that for that question, you'd have to turn to the public authorities in The Hague to see whether they might be willing to tell you something. Ministry of Justice, perhaps Ministry of Finance. They make statements occasionally. But a bank doesn't get feedback on every report that we flag up. Thank you, Kees. Thank you for your questions, Mr. Frachen. I'd now like to move on to see what the moderator has to say whether there are any follow-up questions. Have any questions come in since? Moderator, please. Thank you very much. We've got 3 follow-up questions from the VEB Association of Shareholders. One of them has been answered in fact. The two questions that have not yet been answered are as follows. Can you go into more details saying how high provisions would need to be, your best estimate, in the light of the option to delay repayments of mortgages, consumer credits and so on? That's the first question. The second question is the strategy emphasizes sustainability, customer experience and future proof banking. Could you tell us where growth is going to come from? Private banking in Northwest Europe is barely growing and activities which were should be very promising in 2018, that's clearing and now showing significant losses. Then the question of trade in oil and energy, which is really being clobbered at the moment. ABN AMRO is becoming more and more Dutch focused, which means that it is restricting its opportunities for growth. Thank you very much. Well, I can be very brief in response to the first question. We are in a closed period now waiting for the results to come through on the 13th May. So we can't answer the questions on what provisions might be necessary to cover steps we've taken to allow people to delay repayments of debts and so on. Regarding your second point, question of strategy, where is growth going to come from? I wonder if I could invite Caisse to respond to that. Yes, of course. I think I dealt with that a bit in response to the VEB's earlier questions. There's all kinds of initiatives out there whereby we're looking to find ways of growing our income. I mentioned the platforms and partnerships for Commercial Banking. I mentioned more consultancy models for Private Banking in the Netherlands and abroad. We are open to acquisitions when it comes to private banking in Germany, Belgium. I think there's a lot of private banking, smaller private banking units out there, which could return to us and we'd certainly have a very open approach to that. And regarding sustainable options, there's a technology and so on. So these are ways of getting to know our customers better. And regarding what you're saying on the international aspect of the company, that's quite great. We're currently looking into that at the moment. We've never had an explicit growth target at ABN AMRO, but of course every company looks to see how it can grow because treading water is not the answer. So in the first place, we want to focus on our return on equity, get it above 10%. That's an objective as you know. But growth, where can we find growth? Well, we'll be looking for it, but only if it's actually profitable growth. Thank you, Kaes. Moderator, are there any further follow-up questions? Not for Agenda Item 2. Okay. Mr. Frayken, I see has a follow-up question. Mr. Frayken, go ahead please. There's a little village in Austria. And in the village, we have no reports of corona having infected there. But there's 300 people now planning to sue that village because they have been contaminated. So what we're looking at now is a situation where the U. S. A. And the WHO sent medical teams to wish to send medical teams to China in January and China refused. And look at the results of that 3,000,000,000 in damage around the world. I think we need to look back at that village, all of us. And here I'm speaking also as a member of the VEB. It's a great shame the VEB isn't with us in person today because they can't respond interactively to this kind of issue. I'd like to suggest that we should all sue China because the harm we are suffering whereby the dividend isn't being paid and also dividend isn't being paid to the Dutch authorities, Dutch state, which is the biggest shareholder, there's a lot of money people are missing out on. And I think that worldwide, we should sue China and say China is responsible. And say we have a claim of €3,000,000,000 It's time to show leadership in the Netherlands and globally. So I gave the village in Austria as an example. And now I think it will be a very good idea if ABN AMRO could set an example, take the leadership in this position and stand for the interests of its shareholders. Mr. Fraycon, thank you very much. We'll certainly give thought to what you say. Thank you. Any further questions? Just turning once again to the moderator. Have any questions come in? No? No. Okay then. So, thank you very much. We can move on then to agenda item. Next agenda item, agenda item 2 gs, adopting the audited financial statements for 2019. Here, I'd refer you to the financial statements as set out in the ABN AMRO 2019 annual report. It was produced on the 10th March 2020 by the Executive Board and it's been available on the ABN AMRO website since the 11th March 2020. The annual report and the financial statements, of course, were made available for inspection at the ABN AMRO headquarters and was also available for free to shareholders and depository seat holders at that location. There's an example here at the information desk as well. And as I've mentioned earlier, the 2019 financial statements have been scrutinized by the external auditors E and Y who have approved them. Well, now it gives me pleasure to open the floor for any questions. Could I please ask you only to raise questions which specifically address the financial statements? Other questions can wait until any other business. Thank you. We didn't receive any questions on this submitted in advance. And I'm looking to see whether Mr. Fraykin has any questions. No? I therefore inform you that you can cast your vote on this agenda item. That is to say adopting the 2019 financial statements. And I'm happy to repeat that online participants and the person who's with us physically can cast a vote at any time during the meeting and all the results will be displayed together at the end of the meeting. So we can now have reached the end of agenda item 2. And we can move on to agenda item 3, 3a in fact, which is the dividend policy. And I'll give the floor to Kaes. Thank you, Tom. As for the dividend policy of APN AMRO, the current and expected capital requirements, the risk profile are all factors in determining the percentage of profit distribution, we assume the moderate risk profile at ABN AMRO and any anticipated factors. From 2018, the disbursement percentage was to be 50% of the steady net profit barring any significant distortions. Additional things such as repurchasing on shares received consideration if the Basel III core Tier 1 ratio is within the envisaged guidance of 17.5% to 8.5% subject to the influence of other circumstances such as regulations and commercial considerations. The combined disbursement percentage is at least 50% of the stable profits. This year at the recommendation of the ECB, we have decided to maintain the original proposal regarding the distributable dividend for 2019, but we will not be paying it depending on reconsideration of the situation and the uncertainties concerning the coronavirus. In any case, we won't be paying it out before 1 October 2020. But our dividend policy is unchanged. As soon as the circumstances are over and we've been able to reconsider the situation, we will report to you on that. As announced previously, in this connection, agenda item 3B of the agenda has been withdrawn. We had to decide that We had to decide to omit all of agenda item 3B because of the fact that any adjustments to agenda items in the 42 days prior to the meeting are not permitted. As just stated by Keesholm, I'm pleased to report that as soon as the uncertainties concerning the coronavirus are over and there has been an opportunity to reassess the situation, we will report to you on that. Are there any questions or comments about the explanatory notes to the dividend policy? No questions have been submitted. I will therefore proceed to any questions from the audience. Are there questions from the audience? Yes. I noticed that you had some difficulty with my question about money laundering. I'll explain it again. About 2 years ago, the ING distributed €700,000,000 in profit because we had to pay €700,000,000 to the profit. So my question perhaps you could communicate that to the public prosecution service and provide feedback to all shareholders. My question is how many suspected transactions did you report last year? And what happened there? And in how many cases did this lead to prosecution? And what was the result? Because perhaps you have 500 people at work who were very expensive and it's very important that we do this. But if nothing comes of this and that's what I was told by my contacts, then we're making much ado about nothing and the shareholders suffered damages. Just as at the ING, dollars 700,000,000 too little was paid and you have a few 100 employees working that are caught up in a cafta esque situation examining these things, but doing little with them? That's my first question. If you do not want to answer this, perhaps you could ask the public prosecution service to provide feedback because both the shareholders and the Dutch citizens are entitled to this. Next, I indicated it's important to hold China accountable and I have not received sufficient reply to that perhaps you need to give that one some thought, but I believe it is relevant. In addition, I understood that the journalists from the Financier du Doctraft have looked into the matter and apparently Gerdzaume did not do very much regarding money laundering. And but Alpamers was held accountable for that and will be prosecuted for that as well. What do you expect this situation will be with Gerritsson? Will he be prosecuted as well because that tarnishes the image of the ABN AMRO so that costs money. Are you aware of how many reports we submitted to the public prosecution service? I don't have that ready here, but I'd like to make a different remark, Mr. Frederica, because it's correct that a lot of people are working on Know Your Customer and they're also trying to see whether there are any suspicious transactions. But the most work is the administration. Filing those reports is of course part of what we need to do as well. But their primary responsibility is to know their customer to avert having to file such reports. So the majority of our work is to avert having to make such reports. If we do run into something, of course, we will file a report, but the majority of the work does not involve making reports. We're doing our best to know our customers and to ensure that we comply with legislation regulations. That's what our people are working on. Okay. I specifically said that this was about the financial statement and dividend policy. I've told you previously that I will take note of your position regarding China and will certainly give the matter serious thought. As for Mr. Hammers, all I can say is that I was not aware that he is being prosecuted. Apparently, you know more than I do. And regarding the former Chair of the Executive Board, It's basically a screenplay and what the public prosecution service or the ministry will do is not up to me and I won't be the judge of that either. Thank you. There were no additional questions. No additional questions were received. As for your question about the reports, I did receive that information. We do not disclose how many reports we file. That covers Item 3 on the agenda. And I would like to move on to agenda item 4.4a, the proposal to discharge the individual members of the Executive Board in office during the financial year 2019 for the performance of their duties during 2019. Are there any questions? We have not received any questions about that. Let me remind you that you may also vote on this item. And that takes me to agenda item 4B, which concerns the same decision that I just mentioned at 4A. But in this case, the decision concerns each member of the supervisory board in office during the financial year 2019. For the record, Please note that this proposal concerns all Supervisory Board members that have by now left ABN AMRO, but were in office for part of financial year 2019. No questions were submitted. I do not see any questions in the audience. Thank you very much. Now please let me remind you that you may vote regarding whether to discharge each member of the supervisory board in office during the financial year 2019 for the performance of his or her duties during 2019. On to agenda item 5, report on functioning of external auditor. And I'm pleased to give the floor to Mr. Caelin Timsara, the Chairman of the Audit Committee. He will explain the most important findings arising from the annual evaluation of the performance of the external auditor. Charlene? Thank you very much. Mr. Chairman, can everybody hear me? Yes. This year, again, the bank asked employees involved in these operations with the external auditor regarding their view of the quality of the duties performed by And you'll find the summary of your observations on the slide that is hopefully projected on your screen. The summary of the slide, the most important point is that on a scale of 1 to 5, scored 3.6, representing ample satisfactory and slightly better than in 2018. This positive assessment mainly concerned independence, objectivity and knowledge on the part of in the evaluation concerning 2018, so not last year, but the year before the relationships between local teams and the management of our subsidiaries in other countries was not always optimal. That was flagged and why and the management got to work on that. And according to the evaluation for 2019, this has clearly improved the evaluation for 2019. Did mention that mutual exchange of data and insights between and our bank could improve and of course, we'll get to work on that as well. Thank you very much, Mr. Chairman. Thank you, Charlene, for this explanation. Are there questions or comments regarding the report on the functioning of the external auditor. No questions were submitted in advance. I do not see any motion in the audience suggesting that there are questions over there. In that case, I note that there are no questions about this item. And my thanks to Cialentimstra. I propose we move on to Agenda Item 6A, which is the adoption of the remuneration policy for the Executive Board. The remuneration policy of the Executive Board was most recently adopted by the general meeting in 2015. In the second half of twenty nineteen, the supervisory board, especially the remuneration committee, assessed in detail the complete remuneration policy for the executive board. The remuneration committee took note of trends in market practices concerning executive board member remuneration and after carefully considering and at the recommendation of the remuneration committee, the supervisory board decided not to change the substance of the present remuneration policy for the executive board. The description of the remuneration policy was aligned with the new requirements by law. The main changes to meet the requirements stipulated by law are explained in the cover letter of the Chairman of the Remuneration Committee and this cover letter is part of the proposed remuneration policy. First, I'm going to address the questions submitted in advance. Martin Konning on behalf of MN Services and Asset Manager for in part PMT, PME and Pensionfonsco Bardet submitted the following questions also asked on behalf of APG and PGGM. Mr. Koning, thank you for your questions. You write the following ABN AMRO is operating in a highly regulated environment also with respect to remuneration policy. As a result, the options for designing remuneration policy at ABN AMRO are limited. We therefore appreciate all the more that the present remuneration policy has been carefully construed. The foundation for the policy is presented as a rock solid description and the performance criteria are clear and connect to ABN AMRO strategy. So we're pleased to agree to it. The strict regulations to which the bank is subject also reflect the use and need of performance remuneration. Being able to distribute bonuses and related performance criteria is often assumed to be necessary. That's why we ask that you reflect on the impact of the legal restrictions on ABN AMRO's remuneration policy being unable to provide an incentive in the sense of performance remuneration? Has that had a negative impact on the bank's performance? And does it complicate and does it complicate recruiting the right people for the bank? I would like to answer this question and my answer is no. The fact that at ABN AMRO, we are unable to award performance remigration in our view has not negatively impacted the bank's performance. But it basically proves the opposite because if you do not award variable remuneration, you have no placebo test either. So there's no control group. And in his introduction at the start of the meeting, Kees mentioned this very clearly. And you can tell this by the financial performance. The people who work for ABN AMRO are basically highly motivated to do a good job. And I'm pleased that the supervisory board notes this when they speak to people and visit people who worked at the bank. I think we can easily say that in recent years, we have succeeded in recruiting people. And I believe that the recent appointments, especially those starting today demonstrate this. Hopefully, I've replied to Mr. Koning's question. And I will proceed to any questions from the audience. I do not see any motion on the part of the only participant in the audience. Next, I'll ask the moderator whether any additional questions were received. Not for this agenda item. Thank you very much. And I note that there are no additional questions. Thank you. You may cast your vote here as well regarding the adoption of the remuneration policy for the Executive Board. Please note that a decision to adopt the remuneration policy is taken decisions concerning remuneration policy for the Executive Board need to be taken with a majority of at least 75% of the votes cast. That takes us on to agenda item 2b adoption of the remuneration policy for the Supervisory Board. The principles for remuneration of the Supervisory Board were most recently adopted by the general meeting in 2015. In the second half of twenty nineteen, the supervisory board and especially the remuneration committee assessed in detail the principles for remuneration and a draft remuneration policy, this time with respect to the Supervisory Board. Once again, this was benchmarked with comparable financial institutions and funds listed on the Amsterdam Stock Exchange. The Supervisory Board has decided not to change the substance of the principles for remunerating the Supervisory Board except for select elements as explained in the cover letter of the remuneration committee chair pertaining to the proposed remuneration policy. For the supervisory board. The remuneration policy for the supervisory board was also aligned with the new legal requirements. The most important changes as a consequence of this legal requirement are explained in the cover letter of the remuneration committee chair, which cover letter is part of the proposed remuneration policy. Are there any questions? I note that no questions have been submitted in advance. And I'm looking at the audience, I don't see any motion that would suggest questions there either. And I therefore note that there are no more questions on the subject. And I invite you to cast your vote about the supervisory board remuneration policy. And once again, I note that deciding to adopt the remuneration policy for the supervisory board is taken with a majority of at least 75% of the votes cast. I propose that, ladies and gentlemen, that we continue with agenda item 7, which is the amendment of articles association and authorization to amend the articles of association for the notary. The reason for the amendment to the articles of association is because of the implementation of legislation regarding the new the revised rather shareholders guideline as of the 1st December 2019 in the Dutch Civil Code and elsewhere. This sets out a number of very detailed rules for adopting the remuneration policy of the members of the Executive Board and the Supervisory Board and a number of issues which come to light when assessing it. The proposed amendments to the articles of association deal with the remuneration policy of the executive board and the supervisory board in light of these Dutch civil code. In addition to that, the company the lawyers of De Bruu, Blackstone, Voetbrook, Enray have largely been entrusted with the task of adapting the articles of association. Debro, Blackstone, Westbrook, N. V. Have produced a draft version of the changes to the articles of association and the full version is available to you in the documents submitted to you as with your invitation to this meeting. Are there any comments or questions regarding this agenda item? No questions were submitted in advance. No questions from the floor. I therefore note that there are no questions on this agenda item. I would therefore ask you please to cast your vote on agenda item 7 amendment to the articles of association authorizing all any person employed by De Braemar, Syvexa in the appropriate capacity to be jointly or separately authorized to execute the deed of amendment. Let us move now on to agenda item 8A, the collective profile of the Supervisory Board. The Supervisory Board intends to change the collective profile of the Supervisory Board. The purpose of the amendment is to embed knowledge and experience in the field of the impact of technologies, both current and emerging technologies on consumers, businesses and business models in the supervisory board. Apart from this addition, the amendment is not intended to make any substantive changes. The amended collective profile is included in the meeting documents for the general meeting and the general meeting is requested to approve the proposed changes to the collective profile of the Supervisory Board. We had some questions were submitted on this in advance. Mr. Koenig, on behalf of LM Services, asset managers also PMT, PME and the Merchant Navy Pension Funds. The questions are also asked in the name of APG and PGGM. Mr. Koning, thank you for your questions. You said in recent years, we have repeatedly asked ABN AMRO to reflect on the future earnings model of the bank. No clear views of the future have been communicated on this, but you are saying that you wish to keep up with technological advances as an important part of your future proofing. You're now reinforcing that by opening up a vacancy for a person in the supervisory board which has specific knowledge of technology matters. Now this proposal isn't made at the general meeting of shareholders. It is set aside for later. Question in specific, you are looking in particular for people who have a knowledge of the transformational change agenda. Could you say in the light of this what it would mean for the earning model of ABN, AMRO and what transformation you expect in the future. The future proof bank is one of your pillars. We've always thought it out in terms of corporate management. But we're now looking to see what future proof means when we're talking about the bank's earnings model in the future. So Mr. Koning, thank you for that very interesting question, very important subject. We dealt with it a moment ago when talking about the profile of the Supervisory Board. Now the bank is working in a landscape that's constantly in a state of flux, not only technologically speaking, but also you think of very rapid changes in customer expectations, competition, players from other sectors getting involved and legislation changing. We're always having to change and even transform ourselves in the light of this. So how has the bank adapted to this in the past and how we dealt with it in our strategy in representation? Well, we take the view that transformation is taking place now in the financial sector. We are part of it. We're on board. On the technology front, computerization, I think as Kees said in his introductory remarks, we found it comparatively easy. I mean easy isn't a nice word, but we were able to switch huge numbers of staff to teleworking from home. And all of these challenges require keeping up with technological developments. And we are very keen to get that kind of IT know how more present in the Supervisory Board. Perhaps I could here refer to you that we in the Supervisory Board talk about technological developments very frequently. We do it in the Supervisory Board itself, but we also invite external experts to come and talk to us and give us the benefit of their views on the whole technological front. So in the light of this, we came to the conclusion that it would be a good idea to have this aspect of things more strongly represented in the Supervisory Board. As soon as we've made some progress on that front and have found a suitable candidate, someone who's been through all the various processes, we will then come back to you to ask you to nominate this person. Are there any questions from the floor? No. Any questions submitted during the meeting? Moderator? No, nothing coming across the meeting from online participants. Okay. And like I said, I would invite you to vote on agenda item AA, which is approving the proposed amendment to the membership and profile of the supervisory board. Ladies and gentlemen, agenda item 8B, information regarding vacancies in the Supervisory Board. In accordance with the rotation scheme of the Supervisory Board, the current mandate of Eijer Noren, Jurgen Sigman and Kjellin Thijsstra come to an end at the end of today's general meeting. This raises 3 vacancies therefore. In order to make sure they didn't all sit down at the same time, it was decided that the vacancies should be adapted into 4, 3 and 2 year periods. Iron Dorland is a member of the Supervisory Board in the right of the reinforced right to make recommendations by the Employees Council in the light of Article 2,158 Section 6 of the Dutch Civil Code. At the request of the Supervisory Board, Aion Dollar, Jurgen Stemming and Changi Toonstra have all indicated they are willing to stay on for a longer period. Aion Dollar is safe for 4 year period, Jurgen Stemmann for a period of 3 years and Chang Tieng's job for a period of 2 years. In the light of their valuable contribution over the past 4 years, the supervisory board is very grateful to them their willingness to remain in place. Finally, in the light of the changing of the profile of the Supervisory Board, we will be increasing the size from 7 to 8 members. For that reason, there will be a 4th vacancy arising for a new member of the Supervisory Board who will have special knowledge on the impact of technologies, both current and modern and forthcoming technologies on consumers, businesses and business practices. We talked about that a moment ago. Of course, there will be a special general meeting of shareholders to discuss this as soon as the supervisory board have found a suitable candidate to propose. Now I'll give you opportunity to ask questions on this in a moment and comments, of course. But first, I'd like to move on to Agenda Item 8C whereby the Annual General Meeting has the right to make recommendations in the light of the profiles of the vacancies that have arise. Until now, ABN AMRO's shareholders and depository receipts have not made any recommendations regarding people to fill these vacancies. We therefore take the view that the general meeting of shareholders has not made to avail itself of its right to make a recommendation. But you now have the opportunity to do this to make a recommendation or to ask questions or make comments. Now we've had no questions submitted on this agenda item in advance. I'm now turning to see whether any questions from the floor. Mr. Frachen, I see you stood up. So I imagine you have a question or comment. Shall we rest this? Yes, I've got a number of suggestions. Mr. Dusan, you've got an excellent network and there's now 3 top class candidates appearing on the market. That's quite a lot and it's a shame for all the companies in the Netherlands, Paul Polman, Franz von Boxmer and also Fakasieversma. They're all coming onto the market. It seems to me that it would be magnificent if ABN AMRO could find a way of getting one of those gentlemen onto the ABN AMRO Supervisory Board. And thank you very much. We hear what you say. And we will most certainly take account of what you say when looking for future candidates. Thank you very much. Now I note that there are no further questions that have been submitted in the course of the meeting. I therefore suggest that we move on to the next agenda item, which is agenda item 8d, reappointment of members of the supervisory board. Now the Staff Council has made use of Article 2, 151866 of the civil code. On the 6th March 2020 in order to provide a recommendation for membership of the Supervisory Board. And they have proposed Ian Dorland to be reappointed as a member of the Supervisory Board. The Supervisory Board has accepted the recommendation of the Supervisory Board. In addition, in accordance with Article 2, 158,64 and Article 2,144A of the Dutch Civil Code has invited the Employees Council to address the reappointment of Ian Dorland, Jurgen Stegmann and Celine Thijsstra for reappointment to the Supervisory Board for a period of 4 years, 3 years and 3 years respectively. The Employees Council gave a positive response to these candidacies as you will see in the documents accompanying today's meeting. The Supervisory Board therefore invites the general meeting of shareholders to consider the reappointment of Ian Dorland to the Supervisory Board for 4 years, Jurgen Segment for a period of 3 years and ChangiSeen Straub for a period of 2 years, which will start immediately after today's meeting is closed. And we'll therefore finish at the end of the Annual Meeting of Shareholders in 2024, 20232022. After the reappointment of Messrs. Dorland, Stegeman and Thijsra, we will not have met the gender diversity objectives whereby at least 30% of the members of the Supervisory Board should be men and at least 30% should be women. Since there will then be 2 women on the Supervisory Board, which is to say 29% and then 5 men. ABN Aero will soon be looking for new members for outstanding vacancies and will certainly take account of the requirements regarding gender diversity. We are also seeking for other types of diversity at other levels within our group as you heard earlier. Agenda item 8D2, the reappointment of Ian Dorland as member of the Supervisory Board. The Supervisory Board has nominated Iain Dorland for reappointment as a member of the Supervisory Board. Iain Dorland was first appointed to the Supervisory Board on the 18th May 2016. In addition to his role at ABN AMRO, I and Oren is also a member of the Supervisory Board of Naturales Biodiversity Center, the Beyapan Museum, Sebald House and his Chairman Vice Chairman of the Supervisory Board of Ascent Envy and Chairman of the Supervisory Board of the Haig Landen Medical Center. For further information, I would refer you to Ian Dolan's CV, which you'll find in the documents accompanying today's general meeting. Iain Dorland will receive remuneration in accordance with the remuneration policy as set out under agenda item 6B, if it is approved in the course of this meeting. If agenda item 6P is not approved, then I and Dolan will receive remuneration in accordance with the decision of the general meeting of shareholders in 2015. Ian Dolan meets the legal requirements regarding the maximum number of Board positions under Article 91 Section 3 of the Capital Requirements Guideline known as CRD IV. Iain Dorland has confirmed his independence in accordance with the best practice provision of the Dutch corporate governance code. He has no shares or depository receipts for shares in ABN AMRO. In accordance with Article 763 of the articles of association, the Supervisory Board invites the general meeting of shareholder to reappoint Diane Dorland to the Supervisory Board from the moment this today's meeting is closed until the end of the Annual General Meeting with shareholders in 2024. Are there any questions on the reappointment of Mr. Dorland? No questions were submitted in advance. I see no one on the floor asking for the room. We can then move straight on then to agenda item 8d3, reappointment of Jorgen Stegmann as member of the Civilvisory Board. The Supervisory Board has nominated Jurgen Stegmann for reappointment as a member of the Supervisory Board. Jurgen Stegmann was first appointed to the Supervisory Board on 12th August 2016. In addition to his position on our supervising board, I'm very good segment is also a member of the supervising board of Janssen De Jong Group, MN Services NV, the Boemens Bernfenningen Museum Management. He is also proprietor of State Management BV State Management BV. For further information, I would refer you to Jurgen Segment CV, which is included in the documents accompanying today's meeting. The segment will receive remuneration in accordance with the remuneration policy as set out under Agenda Item 6B if that policy is adopted. If it is not adopted, he will receive a remuneration in accordance with the decision of the shareholders in the meeting of 2015. Jurgen Zygmunt meets the requirements of the maximum number of management positions in accordance with Article 91 Section 3 of CRD 4. He has confirmed his independence in accordance with the best practice provision of the Dutch corporate governance code. Joergen De Seigman has no shares or deposit duties for shares in ABN AMRO. In accordance with Article 763 of the Articom Association, we therefore propose the renomination of Jorgen Segment to the Supervisory Board starting from the end of today's meeting up until the end of the meeting of AMI and Amro shareholders in 2020 3. Are there any questions on this item? No questions were sent in advance. I see no questions from the floor. I therefore conclude there are no questions on this item. We can move on to agenda item 8d4 reappointment of Mr. Channing Tidjane Strah as a member of the Supervisory Board. The Supervisory Board is nominated to Channing Tidjane Strah for reappointment as a member of the Supervisory Board. Charing Tidjemstra was first appointed as Supervisory Board on the 18th May 2016. In addition to his position on the Supervisory Board of ABN AMRO, Charing Tidjemstra is Director and Proprietor of Doctor. Anders JSD Timstra Management Services. He's a member of the Supervisory Board of Royal Hasco in DHBBV, a member of the Executive Board of City and Konuitate KBW a member of the Wolters Kluwer Preference Shareholders of the administration of Shareholders' Office NVJensa Cabell Holding, a member of the Monitoring Committee of the CODA Pension Fund, a member of the Advisory Council to the Court of Rotterdam. He's deputy expert member of the Court of Amsterdam Business Section. He's a member of a number of publicly quoted organizations such as the NBA and the European Leadership Platform. For further information, I would refer you to Mr. Chang's CV which you will find in the meeting documents accompanying this meeting. Mr. James Traum will receive a remuneration in accordance with the remuneration policy as dealt with under Agenda Item 6P if that is approved. If the policy is not adopted, he will receive a remuneration in accordance with the decision made by your meeting in 2015. Mr. Tienstra meets the legal requirements regarding the maximum number of management positions. Under Article 91 Section 3 of CRV 4, Mr. Tinstra has confirmed his independence as set out in the best practice provision 218 of the Dutch corporate governance code. Mr. Timsperrau has no shares or depository receipts for shares in ABN AMRO. In accordance with Article 763 of the articles of association, the supervisory board invites the Annual General Meeting of Shareholders to reappoint Janine Tester as a member of the Supervisory Board with effect from the end of today's meeting until the end of the General Meeting of Shareholders of ABN AMRO in 2022. Are there any questions or comments regarding the reappointment of Mr. Tim Strahn? Nothing was submitted in advance. I see no signs of a request from the floor. And I note that no questions, therefore, have been raised on this agenda item. Thank you very much. Agenda item 9, issuance of new shares and acquisition of shares. Dutch legislation stipulates that the meeting of shareholders is authorized to authorize the executive board to issue shares or grant recognition of shares and the exclusion of priority rights of shares in ABN AMRO's capital. This is an absolutely normal thing for most publicly quoted companies in the Netherlands. It's normally dealt with the diurnal general meetings of shareholders. On the 24th April 2019, your meeting did grant such authorization to the Executive Board for an 18 month period from the 24th April 2019. The Executive Board with the approval of the Supervisory Board proposes to replace that existing authorization with a new authorization as set out under Agenda Items 9A, 9B and 9C. The purpose of these authorizations is to enable ABN AMRO to respond flexibly if circumstances require the issuing or purchase of shares. Agenda item has 3 underlying points. My proposal is that we go through 9A, 9B and 9C all in one go after which you will be invited to ask questions at agenda item 9 as a whole. We'll start with Agenda Item 9A. It is proposed to the general meeting to authorize the Executive Board for a period of 18 months as from the date of the general meeting subject to the approval of the Supervisory Board 1, to issue ordinary shares excluding for the avoidance of doubt ordinary shares b, and 2, to grant rights to subscribe for such ordinary shares in the maximum of 10% of ABN AMROs issued share capital as at the date of the general meeting. And issuing of shares and the authorization given can be granted for example in order to meet the requirements of the supervisory authorities. On the basis of this, there will be T1 instruments issued, which are automatically converted to shares. If a number of prescribed capital requirements are not required. The executive board, by the way, will only act to use this authorization with the approval of the Supervisory Board. Furthermore, this authorization will not be usable for issuing shares for payment of dividends in shares nor for performance related awards for management and other members of staff. For the avoidance of data, I'd point out that before this authorization can be used, the NLFI must give its green light in the light of our relationship agreement. The green light from the NLFI is required as long as NLFI does not does hold at least 3.3 percent of agronomaret shares. You move on to agenda item 9b. It is proposed to the general meeting to authorize the executive Board for a period of 18 months as from the date of the general meeting today subject to the approval of the Supervisory Board to restrict or exclude the reamptive rights accruing to shareholders in connection with the ordinary share issuances pursuit to agenda item 9A. Here again, it's important to note that the executive board can only act with the approval of the supervisory board Because more than half of the capital issue is represented at the meeting, your meeting can make a decision on this by vote. I'll move on to Agenda Item 9C, authorization to acquire depository receipts for shares in ABN AMRO's Own Capital. It is proposed to the general meeting to authorize the Executive Board for a period of 18 months from the date of the general meeting to acquire subject to the approval of the Advisory Board fully paid up ordinary shares in its own share capital under the conditions mentioned in the meeting documents. For the avoidance of doubt, this does not apply to ordinary shares B. The executive board will only be authorized to avail itself of this right with the approval of the Supervisory Board. A purchase of shares or depository of seats for shares in ABN and Rose Own Capital might for example take place in order to carry out a restructuring or reduction of the capital including returning capital to shareholders and depository receipt holders. This will only happen if existing and future solvency requirements in accordance with the advisory authorities are met. Regarding the price of the shares, it must be at least the same as the nominal value of ordinary shares and maximum to be the highest price where on which depository receipts have been exchanged on the transaction date or the previous date according to Euronext Amsterdam. A precondition here is the number of shares owned or entrusted by ABN AMRO and its subsidiaries will always be a maximum of 10% of capital at issue on the date of today's general meeting of shareholders. This authorization replaces the earlier authorization, which was granted by the meeting of shareholders on the 24th April, 2019. Are there any questions over these three proposals? Under agenda item 9, no questions were submitted in advance. No request from the floor. I would like to remind you please that you can still vote on these agenda items and agenda item 9. I propose that we now go on to agenda item 10. Cancellation of depository and piece of shares and shares in the share capital of ABN AMRO. It is proposed to the general meeting to resolve at the proposal of the Executive Board is subject to the approval of the Supervisory Board as well as the approval of the ECB and other relevant regulators to cancel all or part of the fully paid ordinary shares in ABN AMRO's own share capital, excluding for the avoidance of doubt, ordinary shares B or depository receipts held by ABN AMRO as a result of acquisitions on the stock exchange or by other means under the authority provided by the executive board under Agenda Item 9C. Any such withdrawal, any such cancellation will be related to 10% of ABN AMRO shared issues on the date of the general meeting and is a period of 18 months to run from today's meeting. The cancellation of some or all shares will be proposed in order to give flexible and efficient management of excess capital including capital restructuring or reduction or in the form of returning capital to share and depository receipt holders. A precondition here is that ABN AMRO must remain in accordance with existing and future regulatory requirements regarding its own capital. The Executive Board should also only act with the approval of the Supervisory Board, the ECB and other relevant supervisory authorities. The executive board is not authorized to decide to carry out the cancellation of all or some shares it is purchased in accordance with today's meeting. Are there any questions on this proposal? No questions submitted in advance. Nothing from the floor either. I therefore conclude that there are no questions on this agenda item 10 that is to say the cancellation of shares and depositary fees of shares in Avianna Rosen Capital. You can cast your vote now. Well, that was the last agenda item on which you can vote ladies and gentlemen. Online participants and the shareholder who's with us physically today We'll soon find voting is closed. As I said earlier, all agenda items can be voted on during the course of the whole meeting. I therefore please remind you to ensure that you have cast your vote on all earlier agenda items as well if you have not yet done so. And at the end of the meeting, after we've dealt with any other business, the voting results will be made known. Now we'll go on to agenda item 11, introducing Robert Svaak as member of the Executive Board. On the 16th June 2019, Kees van Dijkhausen informed us that he did not wish to seek to renew his membership of the Executive Board. His service here comes to an end at the day at the closure of today's general meeting. On the 9th January 2020, the Supervisory Board published a press release saying it intended to nominate Robert Swark. The service would therefore come to an end at the end of the meeting of shareholders of Avianaro in 2024. The European Central Bank has approved with the proposed nomination of Mr. Zwack. The same applies to the Employees Council who gave a positive expression of opinion. The main points regarding our view of Mr. Robert Zwack are to be found on the ABN AMRO website. He worked with BBWC Netherlands in a number of periods. He was CFO, COO, CHRO, Chairman of the Executive Board in the period 2016 2013. Until 2017, he was a member of PwC's network leadership with responsibility for global clients and industries. Until early 2020, was a global relationship partner responsible for a number of global clients. For further information, I refer you to Mr. Robert Swach's CV, which you will find included in the documents accompanying today's meeting. It now gives me pleasure to give the floor to Robert. Robert, go ahead please. Yes. Well, thank you very much. Can everyone hear me? Yes. Well, ladies and gentlemen, I'm sure you can imagine that I was hoping to introduce myself to you in a very different way from what's happening today. Things are very, very different from what we were able to imagine back in January when my proposed nomination as CEO was made public. We're now facing a global pandemic, and there's an intelligent lockdown in several countries. And one result is that I was not able to join you at today's AGM. So here I am, a long distance introduction. I'd just like to run you through who I am, where I come from, why I've chosen to go for this beautiful bike. I lived in many countries. My parents came from 2 countries. I've also lived in the U. S. For many years. My Dutch roots, however, drew me back to Rotterdam. And there, I began to study Business Management and Accountancy. Then I became a Senior Audit at WPC. It's a wonderful introduction to international law, international customers. I was very involved in all that. Then I was very quickly sent out to San Francisco. I worked there with startups, venture capital. I worked up with a lot of transactions, lots of technology, Silicon Valley, at the time when Silicon Valley was growing. I was involved with the Netherlands Foreign Investment Agency helping SMEs to get involved in investments abroad. That was in fact, back in those days, ABN AMRO was already one of the groups that was working together with us. When I became took a leadership role in the technology sector, my PwC career developed further towards international businesses. And after a number of years, I was invited to the executive board. And as Tom said a moment ago, when I started on the executive board, I had a various number of roles. I was CFO, COO and CHRO. What was wonderful there was I found myself responsible for everything that everyone else was working on. Back in that period, I helped to formulate and roll out the diversity policy in the Netherlands. I'm very much in favor of diversity being represented in a company, but also in the broader context as well. It always leads to better decision making, better understanding of things. And I became a member of BWC in this country. And during that that was in 20,06 that I was very much involved in extending their financial services sector and dealing with a number of clients in the financial sector. In the last couple of years at PwC, I was involved with a global clients and industries. And at that period, I continued to work on financial services, global level at that point, of course. The transformation of FinTech and BTEC, the transformation of regulators, the increase in financial crime and consolidation of the sector, all of this happened when I was there. And during my various different periods of service on the board, I contributed to technological transformation and computerization, which was so vitally important. In the last 30 years, I've fought very hard to unite society, not just in my role in PwC, but also as my leadership position in a number of other bodies. A bank can also bring people together. People who work in the bank must feel they're involved, must be able to accelerate and excel. Clients must also feel they are involved. When it comes to commercialization as well, people need to have a satisfactory yield for investments. Together with the supervisory authorities, I've always felt welcome. A bank has always been a gatekeeper, which means we must build trust in society. And the banks, together with the advisory authorities, have made sure that we are in a stronger position to do that when it comes to yield, capital position, trust everywhere. You might ask why ABN AMRO is appealing to me. Why do I want to shoulder this responsibility? Well, publicly quoted companies have always fascinated me and a bank, a sustainable bank is incredibly important in society and in the economy. Banks really contribute to society. They make sure that confidence can be in place as Riela said earlier and that trust can come back again. We want to have confidence and service to the client. It is inherent to who I am and a part of what I do. My previous years of experience in financial institutions, sustainability, transformation, legislation, strategy, developing and executing strategy can all come together in my responsibilities for this bank. I'd say I'm really motivated by purpose, work banking for better and the 3 ABN umbrella pillars sustainability, customer focus and a future proof bank. As I was saying earlier, IT transformation has been very vital to me in recent years. It's not just a matter of changing the customer experience, but also to make things easier for customers. We need to continue IT developments in order to remain future proof. And if we're talking about sustainability, there's more to it than just being green. For them and for us, it's an opportunity to become more profitable in order to finance sustainable solutions and sustainable investments. Now of course in PwC after PwC I could have gone to look for something quite different. I mapped out a number of possible paths to go down. But I noticed that I remained as energetic as ever. And I really want to commit myself to a leadership role in business and society in the Netherlands. And that is what ABN AMRO is offering me. A customer with 5,000,000 banks highly relevant to search as a whole and now facing a very dynamic landscape. ABN AMRO is one of the 3 systemic banks in the Netherlands. It has a fine history and a fine future. So I'm really speaking very sincerely when I say that I'd like to thank Kees and all his team for what they've done and what they've built in recent years. Under Kees' leadership, the bank has emerged with a strong capital position, good solvency position and excellent market position. The strategy that was developed involves sustainability, customer satisfaction and a future proof bank, those 3 pillars. And those 3 pillars really enable you to roll the strategy out, making further decisions in the future and focusing further on computerization. KACE also helped to lead purpose to the bank. Banking for better, that means something to staff. And as we can see in today's crisis, it guides the activities and the choices that the bank makes. It was really impressive to see how this bank was able to make such a clear choice to stand by its customers in every possible way in the thick of this crisis. It's also impressive to see how members of staff were willing to work from home in all cases for the interest of the bank, even though their home situation was also undergoing radical change. In recent weeks, I've had many conversations with people inside the bank and outside it. They've dedicated a huge amount of energy and dedication here. I'm enormously looking forward to getting involved in this bank to build up relationships with investors and other organizations, sometimes online and sometimes in person. I'll be very happy to get together with my predecessor, the Executive Board and everyone who works for the bank. I'm looking forward very much to getting to know the bank's customers very well, both in the Netherlands and abroad. So in conclusion, I'm really looking forward to serving as CEO for ABN AMRO. Thank you. Thank you very much, Robert. Those are fine words. I'd now like to invite the any share any questions or comments from delegates today. We have one question come in. Question asked in advance. This is from the VEB Association of Shareholders. I'll read it out. Is the intention of the new CEO, Robert Swack, to present a strategy update within the foreseeable future despite the current complex and difficult circumstances? I will reply as follows. That was also clear from what Robert Svec said. He's familiar with the present course of ABN AMRO and the fact that he is willing to take on the role of CEO means that he identifies with the role of ABN AMRO and of course the bank has chosen and has thereby indicated that he would like to contribute to the clear challenges that the bank faces in the current circumstances. That has only improved his resolve. When the time comes, Robert will certainly share his ideas about the strategy with the public. I now see that Mr. Frege has risen. So we'll take a question from the audience. Good afternoon, Mr. Zwack. I'm Robert Frege from We Connect U, Public Affairs and Investor Relations. I'm delighted that you so strongly emphasize connecting because that is exactly the signal from Rianne Kamphuis. People should be able to take pride in their bank. ABN AMRO was the bank, the global operator. And the CEO from KPN said, it was such a wonderful bank. I could do business everywhere all over the world. That was wonderful. I hope that you can find that too and you share something with Mark Rutte. Like you, Mark Rutte is a people person and another huge advantage is that like you, he wanted to become a concert pianist and luckily neither one of you managed to become concert pianist. And Mark Grotte drives a SAB and perhaps you also drive a SAB or can purchase 1 in the future. And what I really care about, this is a nice question. We were at a fancy fair in Amsterdam and were inundated by tourists and expats who disrupted our entire society. Finally, our city has clean air and we've achieved the ambition of 2,050. How will you retain that with your fellow CEOs so that things remain clean and we can start it very quietly and no longer deal with that craziness from about 2 months ago, because now all of a sudden in Amsterdam, Dutch is the official language. We have our city back again and it would be lovely if you help Amsterdam and the people of Amsterdam continue realizing that. I was impressed at the reports from accountancy about your strength and what also helps is that they say a penalty, they're talking about money laundering that compromises the dividend. And that dividend is the only thing that makes the ABN AMRO attractive at this point. In 2019, the ABN AMRO share price dropped by 25%, so that ABN AMRO in 2019 was the Amsterdam Stock Exchange share that performed the most poorly on the DUMBRAK. Well, that may be your good fortune because it will only go up from here. And what I also care about is a lot of media coverage. So on talk shows that matters. So in print and on Twitter, please be visible everywhere because the other bank CEOs kept silent and that's important for the Netherlands. So I'm curious, I hope to speak with you soon. It's wonderfully quite here. This exemplifies the new 15 Society at the head office. I hope to meet you soon. And I hope you'll have a wonderful time at Aegion AMRO. I wish you all the best. Thank you very much, Mr. Frege for your discourse. I'd like to thank you on Robert's behalf. I'm convinced that he listened carefully and would like to take your remarks on board. Thank you. Are there any follow-up questions from our virtual participants moderator? There is a follow-up question from the VEB, which is whether Mr. Svec could provide an answer concerning his general vision of the banking landscape in the Netherlands, which has been rife with speculation about consolidations for some time. Thank you very much for this question. I suggest that we give Mr. Zvak some time first because he won't enter office until after this meeting and only then can he consider this. And perhaps at a future exchange of views, he might revisit this topic. I don't think it would be fair to burden him with this fairly broad question at this time. So I would very much like him to contemplate it. He certainly will. And when the time comes, he will get back to you about this question. Are there any other follow-up questions via the moderator? There are no additional follow-up questions. Thank you very much. I believe I am certain that I speak on behalf of all my fellow supervisory board members and others throughout the bank in expressing our great delight at welcoming Robert to the Executive Board and as CEO of the bank. We expect that his experience, his leadership strengths and strategic skills will be a huge contribution to successful implementation, not only of the ABN AMRO strategy, but of ABN AMRO overall. And on behalf of all shareholders and depository receipt holders, we wish them the very best of success. Next, before I proceed to any other business, I would like to take a moment to speak about Caesars departure and I'll need to put my eyeglasses on because I printed that text which I drafted in far smaller print. So please bear with me while I put my spectacles on Deer Case. Now that we've reached the end of this shareholders meeting, except for any other business, this will also mark the end of your stint at ABN AMRO. That's why on behalf of the bank, I'm pleased to address you. In recent years, we learned that you're a transparent leader with integrity and it's been a true pleasure to work with you. You're open and accessible and you manage to connect people and motivate them to act. And as Chair of the Supervisory Board, I have experienced that people appreciate doing business with you because they know that you don't play games and you're a no nonsense person. What you see is what you get. In my view, that makes you a typical Dutch executive in the best of all traditions. You're straightforward and you don't like silly nonsense or superfluous ado. We had many cheerful discussions about your choice of restaurant because you liked restaurants to be Spartan. That's your style and it's also your strength. Another characteristic of your integrity is your extremely generous work training your successor in recent months behind the scenes. You involved Robert as much as you could in discussions and meetings, so he can get off to a flying start tomorrow at this too much to convey in words. Your greatest merit may be that you have succeeded in presenting a sustainable strategy and purpose that makes us fit for the future. You were the driving force after banking for better for generations to come are sustainable, of course, with concern for the planet we are so long for partnership is reinforcing. And what's equally remarkable is that you've succeeded in getting coworkers and customers on board and have convinced them that this is the right course for our bank. Time has proven you right because clearly we have been pioneering on the market and in society. Times are tense for all of us right now. Many of our customers are facing turbulent times and our challenge is to care for them and support them so that they can continue doing their banking. Once again, we know that you're an excellent crisis manager until the very last moment you dedicated yourself to walking our bank and the customers through this difficult time. And your qualities as a connector and communicator have thrived as never before. In recent years' case, you were the right man in the right place and you brought us many good things there. We're very grateful to you and we're proud that we've been able to work together with you in this magnificent building. And on behalf of everybody at ABN AMRO, I wish you all the very best now. To wrap up, in recent weeks, we have asked coworkers and relations to share their memories of you. Given the circumstances, we have opened a digital farewell album and have gathered their contributions in this bag. I'm afraid that giving your modesty, it's not real leather. We gather their contributions in this bag that I am pleased to present to you in this manner. Enjoy and I wish you all the very best. I hope you'll enjoy it a lot. Thank you, Tom. And thank you for preserving me from a moment. You caught me off guard. I apologize. Thank you, Tom, for your kind words. This is a very special time to be saying farewell and it's also a special way of doing that. I was deeply honored to be able to work for ABN AMRO, 3.5 years as the CFO and 3.5 years as CEO. Both my parents worked at ABN AMRO. My father did so throughout his career. So ABN AMRO has always been my bank of choice. I have fond memories of the many contacts and meetings with customers, coworkers and investors. I'm proud of what I've managed to achieve together with my team at the bank. Rhiannon, thank you very much for your kind words as well. The working relationship with the employee participation of the bank has always been crucial. At ABN AMRO, that teamwork has always been very constructive. We have done an excellent job in banking for better purpose for generations to come. We offer our customers sustainable, innovative solutions. The bank is firmly capitalized and has a solid buffer that enables us to help our customers through the present crisis, because that's what I've worked for in recent years, our customers. So now I can be confident in handing over to Robert Svack despite this special moment. As Tom mentioned, Robert and I have worked closely together in recent months. He was involved in all important cases and participated with me in all important calls. Robert, I wish you all the best at this magnificent bank. And Tom, you and the other supervisory board members, thank you for the wonderful working relationship in recent years. Of course, there are quite a few negative stories about the past in the newspapers. Fortunately, after nearly 2 years, the Com has returned to the Board. Thank you for these kind words, Kees. And I think once again that I speak on behalf of everybody present virtually and physically present when I thank you for your huge contribution to the bank. Now on to the final item on the agenda, any other business. I see we have received a few questions from the virtual sources, could the moderator please ask those questions? The first question comes from Mr. Koning from MN Services and is as follows. Last Monday, the FD reported that the supervisory board had previously admonished the executive board at ABN AMRO to get control over money laundering. Understandably, you have no comment. What's remarkable is that now content, which apparently surfaces in statements by the Supervisory Board has been disclosed. Have you spoken with the investigators from the newspaper? And what would it mean if the supervisory board of the bank noted this, but did not get sufficient foothold to reach a solution? Do you think this reflects on the present performance of the internal supervision and the relationship between the supervisory and executive board in light of the content of this article? In other words, which checks and balances are now present that were not there at the time? I will reply only to the second half of the question. The first half of the question relates to a book that was published the day before yesterday by 2 journalists. It's a dramatized story. I have no part in it. I cannot judge that nor can I judge my predecessors or the way they operated? As for the second part, Kees already mentioned this and I deeply appreciate this. He mentioned the tremendous improvement in communication between the supervisory board and the bank management. So in the past almost 2 years that I've been here, we've worked very hard at that, both my fellow members of the supervisory board and the management. I'm deeply grateful to them. Very specifically regarding this money laundering issue, as you know, at the end of 2018, We established DFC, the Financial Crime Unit and that has further strengthened communication between especially the Risk Capital Committee and the management about this issue. This item surfaces very regularly on the agenda of the Risk and Capital Committee and consequently, the agenda of the Supervisory Board as well. So I believe that the checks and balances and internal control in this area is under control. I cannot judge the past because I wasn't part of that. But at this time, I believe and I believe that my opinion is shared by the Chairperson of the Risk and Capital Committee that the checks and balances and the exchange of information and transparency about this item are very well in order. They're properly arranged. Are there any additional questions by the moderator? Yes, there's a question from Mr. Schmerz from the VEB. And the question is whether the audit committee intends to ask to issue a statement concerning the half year figures for 2020 because of the potential crisis and possible impact on provisions, impairments and going concern principle as a consequence of the coronavirus. Is Mr. Timsula able to answer this question? I am also a member of the audit committee, so I can take that question too. As in all other years, we will request a regular review. You heard from Mr. Schmidt of E and Y's statements how invigorating the cooperation is between E and Y and the bank in all these matters raised by Mr. Smit align perfectly with the regular review that always performs. So there's no cause to see it any differently at this time. Are there any other questions from the moderator? No, there are no additional questions. Are there any questions from the audience? I see Mr. Frege arising. Yes, go ahead. Mr. Desvan and Mr. Dijkhuisen. It's wonderful that ABN AMRO had such a wonderful tandem in recent years because there is no serious damage to ABN AMRO. I'm grateful for that. It's unfortunate that in addition to excellence and interesting characters such as Paul Polman by Kasibasma and Tamar Francois from books Matt, Mr. Von Diekhuizen is going to leave being a CEO in the Netherlands. The good news though is that KPN still has options for new supervisory board members next year. And I think it would be wonderful if he joins that to support that wonderful Dutch company. The color is perfect ABN AMRO green matches the KPN green. So perhaps Mr. Von Daikhuizen could consider that. Now about that dinner, which I'd like to share with ABN AMRO employees old and new style. There's Mr. Von Daikouen with his cheese sandwich and Mr. Dusvan, who will he dines and lunches at Michelin Star Establishments. At ING, I had a Dutch supervisor and the executive board would not allow me to take relations out to lunch. Then in London, I had an English supervisor and all of a sudden, I was required to take lunch with relations. And the impact was that I closed far more deals and was far more effective by going out to lunch with these people because I was able to connect not only rationally and digitally, but spiritually and emotionally as well. So I wanted to share that for your consideration because and it's up to you which restaurants you choose to dine in, in the years ahead. Now to wrap up, you know that I appreciate sustainability. I came especially to present Mr. Von Daikai with a personal fear, well present that aligns with his objective. I'm going to give him the Waka Waka, which epitomizes sustainability in the Netherlands. It's a solar panel that radiates light. It's extremely energy efficient. Unfortunately, we allowed that company to go bankrupt 2 years ago in the Netherlands. But soon later on, when we could when Mr. Funday has and I can meet personally, I would like to present him a farewell gift from a shareholder that's the VacaVaca right now. The VacaVaca is in a certain mode because of the coronavirus. But when it's back on track, we can get together. Thank you very much, Mr. Von Dijkhuis for the wonderful times here and I hope to see you next year again at KPN. Mr. Frege, thank you very much for your kind remarks. I'll inform the executives at KPN about your position regarding Mr. Daikhuizen and thank you for your advertising message about the Vaca Vaca. We greatly appreciate that and I'm sure that Mr. Fung Daikouizen will be pleased to receive the Vaca Vaca from you, a great fan. Thank you very much. Ladies and gentlemen, I'm looking to the moderator. Have any additional questions been received? No, Mr. Chairman. Thank you. In that case, before I close the meeting, I would like to share the voting results with you. And they will now be projected on the screen. On the first slide, I can tell you that all voting items were approved. These are the results for agenda items 2E and G and 4A and 4B. And this slide the next slide reflects 6a, 6b and 7. And the final slide, the next slide, A, 8D2, 8D3 and 8D4. And the final slide reflects So all items have been adopted, including item 6A and 6B, which required a majority of 75%. That takes me to the end of this meeting. I am now closing the meeting and would like to thank everybody for attending and contributing to this meeting, especially the technical people who made this meeting possible. Thank you very much. That ends this meeting now.

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