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The Banking Code, which was drawn up by the Netherlands Bankers’ Association (NVB), came into effect on 1 January 2010. The Banking Code applies to all activities in the Netherlands performed by banks that are in possession of a banking license granted under the Financial Supervision Act (Wft). Thus, the Banking Code also applies to GarantiBank International N.V. The Banking Code focuses in particular on the role of the Bank’s Managing Board and Supervisory Board and on the function of risk management and auditing at banks. The Banking Code also contains principles about remuneration.

The Banking Code does not stand on its own but is instead part of a full set of national, European, and international laws and regulations, case law, and codes, which is viewed in its entirety. This national, European, and international context, as well as the activities and other specific characteristics of the parent bank and the group of which GarantiBank International N.V. is a part, shall all be taken into account when applying the Banking Code.

The Banking Code states that focus on the client is a necessary condition for the continuity of the bank. Since its incorporation in 1990, focus on the client has been one of the core values of GarantiBank International N.V. We are therefore delighted that our behavior is supported by the recommendations of the Banking Code. GarantiBank International N.V. prepared for the introduction of the Banking Code by assessing to what extent these principles were already met under its existing policies. Furthermore, risk management was strengthened, the remuneration policy was modified, and workshops were introduced focusing on one or more major themes as part of the program for permanent education available for the members of the Supervisory Board and the Managing Board.

Pursuant to principle 3.2.3 of the Banking Code, the members of the Managing Board of GarantiBank International N.V. have signed a declaration on moral and ethical conduct. This declaration forms a guideline for the behavior of the members of the Managing Board and all of the bank’s employees, and reads as follows:

“I declare that I will perform my duties as a banker of GarantiBank International N.V. (“the Bank”) with integrity and care. I will carefully consider all the interests involved in the bank. I will carefully consider all the interests involved in the Bank, i.e. those of the clients, the shareholders, the employees, and the society in which the Bank operates. In this consideration, I will give paramount importance to the client’s interests and inform the client to the best of my ability. I will comply with the laws, regulations, and codes of conduct applicable to me as a banker. I will observe secrecy in respect of matters entrusted to me. I will not abuse my banking knowledge. I will act in an open and assessable manner and I know my responsibility towards society. I will endeavor to maintain and promote confidence in the banking sector. In this way, I will uphold the reputation of the banking profession.”

In its annual report, GarantiBank International N.V. reports the manner in which it applied the principles of the Banking Code in the previous year, providing a substantiated explanation – where applicable – of why a particular principle may not have been applied, either partly or in full.

Pursuant to Article 96 of the fourth Capital Requirement Directive (CRD IV), institutions are required to explain how they comply with Articles 88 to 95 of CRD IV on their website. This requirement has been implemented in Dutch Law through Article 134b of the Decree on Prudential Measures of the Financial Supervision Act (Besluit prudentiële regels Wft). The document below provides an explanation of how GarantiBank International N.V. complies with the aforementioned requirements.

GarantiBank International N.V. (LEI - L35YSDFOIH056VDJ2557) recognizes that events or circumstances of an environmental, social or governance nature (ESG), if they occur, can have an actual or potential significant adverse effect on the value of an investment. These are referred to as sustainability risks.

Here are a few examples of sustainability risks:

1. Climate change risks: These risks refer to the physical and financial impacts of climate change, such as extreme weather events, sea level rise, and regulatory changes related to carbon emissions.


2. Water scarcity risks: As freshwater resources become increasingly scarce in some parts of the world, companies and investors may face risks related to water availability, water quality, and water pricing.
   



3. Biodiversity risks: As ecosystems are disrupted by human activity, there are risks related to the loss of biodiversity and the resulting impacts on human health, food security, and other key factors.



4. Labor and human rights risks: Companies and investors may face risks related to labor practices, such as worker safety and working conditions, as well as risks related to human rights violations in their supply chains.



5. Corporate governance risks: Poor corporate governance practices, such as lack of transparency or conflicts of interest, can lead to financial and reputational risks for companies and investors.

These are just a few examples of the types of sustainability risks that investors and companies may face. It's important to note that these risks can vary depending on the specific industry, geography, and other factors.

GarantiBank International N.V., consistent with BBVA Group’s house view and strategy, integrates sustainability risks into its investment advice as described below.

GarantiBank International N.V. has established an Investment Committee that determines and monitors the selection of financial instruments that the bank uses for advisory services, which consists mainly of fixed income, equity and investment funds (ETFs). As part of the overall risk assessment of the investment ideas and/or proposals, the Investment Committee assesses not only all relevant financial risks, but also sustainability risks that might have a material negative impact on the performance of the investment product. While committee members are expected to take into account sustainability risks when they choose a financial instrument, these risks would not only by itself prevent an investment. An investment product with higher sustainability risks might still be acceptable if we expect these risks will be compensated by other lower risks and higher return. Unless the client specifically requests, consideration of sustainability risks does not necessarily result in a sustainability focused financial product or advisory service. Consideration of sustainability risks is only undertaken to assess the potential impact of such sustainability risks, alongside other types of risks, on the return on the advised investment and inform the client thereof as part of the investment advice.

GarantiBank International N.V. performs an ESG assessment of the different assets where it provides investment advice, securities of private issuers (equities and fixed income) and governments, as well as ETFs. These analyses include information from external data providers (MSCI ESG Research, Sustainalytics) specialized in the field of ESG / Sustainability research. Given the size of our limited investment universe, a few external providers of ESG data are used. These ESG focused tools are using various data points and metrics and provide us sustainability scores and ESG risk ratings of issuers. These information are combined within the overall investment selection process on the basis of which an assessment of different risks / opportunities of the instrument is made according to the bank’s investment beliefs, market conditions and client preferences.

GarantiBank International N.V. informs its clients that the information will be provided on an individual basis in each investment advice report to a customer, explaining how integrating sustainability risks into investment decisions may help investors achieve better long-term risk-adjusted returns.

The assessment of sustainability risks can be complex and also may require subjective judgements or might be based on third party data that is incomplete or estimated. Thus it can be difficult to correctly assess all impacts of sustainability risks on investments. Still there are some challenges but data quality and availability is getting better each day in this space.

The Remuneration Policy is consistent with the integration of sustainability risks. Variable remuneration of each staff member is based on criteria which encompass relevant organizational, risk management and governance policies and processes of GBI, which also integrate sustainability risks, alongside other risks.

Investment decisions made by the client on the basis of our investment advice may have an adverse impact on sustainability factors, i.e., environmental, social, and employee matters; respect for human rights; and anti-corruption and anti-bribery matters.

GarantiBank International N.V. advises on a non-independent basis, on a limited number of products and product types. Taking into account its nature, scale and complexity, GarantiBank International N.V. may advise on products that demonstrate environment, social and governance (ESG) qualities and also on products that do not display these qualities (non-ESG). In its investment advice process, GarantiBank International N.V takes into account the sustainability preferences provided by the client through a questionnaire. Such sustainability preference of an individual client may entail that it wishes that a financial instrument shall be integrated into his or her investment that considers principal adverse impacts on sustainability factors where qualitative or quantitative elements demonstrating that consideration are determined by the client.

Without prejudice to its consideration of individual sustainability preferences of clients as described above, GarantiBank International N.V does currently not consider in general what the adverse impacts of its investment advice could be on sustainability factors.

This is for the following reasons:

• The objective of GBI as financial advisor is to provide investment advice to professional clients only in relation to financial instruments and asset allocation for clients to achieve the highest possible return at an acceptable risk on the terms and conditions as pre-agreed with its customers. Managing to avoid adverse impacts on sustainability factors is not a specific priority nor requested by the majority of our clients at this moment. For the avoidance of doubt: Individual client preferences will however be taken into account as indicated above.


• Obtaining the detailed data which would have to be taken into account in order to determine what the adverse impact of its investment advice could be on sustainability factors are currently not proportionate for GBI, given the type of investment services provided and the expectations of clients with respect thereto.

Reconsideration of the foregoing may become relevant in various circumstances, for example, if GBI’s Investment Services and Activities Procedure is adjusted or if its clients will request it to consider adverse impacts on sustainability factors in our investment advice. In any event, Garantibank International N.V. will evaluate its position on considering principal adverse impact indicators by 31.12.2024.