This week, the Dutch Adviescommissie Toekomst Banken (Advising Committee for the Future of Banking) presented their findings in a report to the Nederlandse Vereniging van Banken (NVB – Netherlands Bankers’ Association).

The NVB founded the independent committee in November 2008 to examine what lessons could be learned from the credit crisis and to compose a list of recommendations.

The emphasis of the report is on re-establishing the consumer’s trust in banks. When balancing the interests of customers, shareholders and employees, banks should center their focus once again on their customers and on the role their operation plays in society. According to the committee, such a shift in focus will ultimately benefit shareholders and employees as well. “A fundamental change in mentality is needed,” the committee states, “It is not right for profits to flow towards shareholders and bonuses while tax-payers, customers and employees pay the price.”

All in all, the report contains 73 recommendations, regarding governance, risk management, social responsibility, control and regulation and finally the future of banking in general. The recommendations are based on the ‘comply or explain’ principle, meaning that Dutch banks are expected to either follow up on the recommendations, or explain why they fail to do so.

The full report can be downloaded here (Dutch).