Company: INGVF
Filing Date: 2025-03-06
Form Type: 20-F
Source: 0001628280-25-010764
Chunk: 221

Company: ING GROEP NV
Filing Date: 2025-03-06
Form: 20-F
Item: Item 16G
Chunk 221
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Item 16G. Corporate Governance
Dutch Corporate Governance Code, Banking Code and Dutch Tax Governance Code
As ING Group is established and listed in the Netherlands, it must comply with Dutch laws and regulations and is subject to the Dutch Corporate Governance Code (the DCGC).
The DCGC provides guidance for ING’s corporate governance structure and practices. ING supports the DCGC and its principles to ensure sound corporate governance within its organisation. ING’s application of the DCGC is described in the booklet ‘Application of the Dutch Corporate Governance Code by ING Groep N.V. (FY2024) dated 6 March 2025, which is available on ing.com. The DCGC can be downloaded from the website of the Corporate Governance Monitoring Committee (mccg.nl).
The Dutch Banking Code (the Banking Code) is only applicable to ING Bank, but ING Group voluntarily applies the principles of the Banking Code on remuneration for its Executive Board members and senior management. The Banking Code can be downloaded from the website of the Dutch Banking Association (nvb.nl). ING Group also voluntarily applies the principles of the Dutch Tax Governance Code. 
Differences between Dutch and US corporate governance practices
ING Group qualifies as a foreign private issuer under the US Securities and Exchange Commission (SEC) rules and is permitted to follow home-country practice in some circumstances, in lieu of certain corporate governance standards required by the New York Stock Exchange (NYSE) applicable to US domestic companies. Accordingly, ING Group must disclose in its Annual Report on Form 20-F any significant differences between its corporate governance practices and those applicable to US companies under NYSE listing standards. ING Group believes these differences are the following:
•ING Group has a two-tier board structure, in contrast to the one-tier board structure used by most US companies. In the Netherlands, a public limited liability company with a two-tier board structure has an executive board as its management body and a supervisory board that advises and supervises the executive board. Supervisory board members are often former state or business leaders and sometimes former members of the executive board. A member of the executive board or other officer or employee of the company cannot simultaneously be a member of the supervisory board. The supervisory board must approve specified decisions of the executive board.
•Under the DCGC, all members of the supervisory board, with the exception of not more than one person, should be ‘independent’ as determined under the DCGC. However, the