Foundation for the Administration of Triodos Bank Shares
The share capital of Triodos Bank has been entrusted to the independent Foundation for the Administration of Triodos Bank Shares (Stichting Administratiekantoor Aandelen Triodos Bank (SAAT)). To finance the shares, SAAT issues depository receipts. Depository receipt holders benefit from the economic rights associated with these shares, such as the right to dividends, but do not exercise any control related to them. Control rights are vested in the SAAT. In exercising its voting right at the General Meeting of Triodos Bank, the Board of SAAT upholds the following principles:
- safeguarding Triodos Bank’s mission;
- safeguarding Triodos Bank’s independence;
- safeguarding the economic interests of the depository receipt holders, which relates to Triodos Bank’s continuity and profitability, dividends, and the development of the value of depository receipts. The Board of SAAT aims to align the economic interests of its depository receipt holders and Triodos Bank’s mission, for their mutual benefit. This is reflected by the following stipulations in SAAT’s administrative conditions:
The foundation shall independently exercise the voting rights attached to the shares owned by it. In doing so, it shall be guided by the interests of the depository receipt holders and the interests of the Bank, as well as by the principles expressed in the objects of the Bank. For an overview of the shares taken in trust and the issued depository receipts of Triodos Bank, as at 31 December 2017, please refer to Statement of the Shares in our Online Annual Report.
The Board of SAAT, Triodos Bank and its depository receipt holders engage with each other regularly, following the principles outlined in the document ‘SAAT's vision on its role’, which can be downloaded at the bottom of the page.
This happens both informally and formally through meetings like the AGM and meetings for depository receipt holders in the countries where Triodos Bank is active.
Board of SAAT
Josephine de Zwaan (1963), Chair
Josephine de Zwaan is a member and Chair of the Supervisory Board of Stichting Triodos Holding. She was a lawyer for more than thirteen years, specialising in major real estate projects. During the last five years of that period, she was a member of the partnership (owner) CMS.Derks Star Busmann. Since 2000 she has acted in various administrative and supervisory roles in education, health care and culture. She is Chair of the Supervisory Board of Stichting Cito and Fairphone B.V., vice-Chair of the Supervisory Board of the University of Applied Sciense Leiden and vice-Chair of the Supervisory Board of the Vilans Foundation. She is a member of the Board of Academy for Liberal Arts and an independent advisor to various organisations, in both the public and private sector (including social enterprises).
Josephine de Zwaan was first appointed in 2010 and her present term expires in 2020. She is of Dutch nationality and does not own any Triodos Bank depository receipts.
Nikolai Keller (1969)
Nikolai Keller is the CEO of the Filderklinik gGmbH in Filderstadt and is shareholder of Mahle Stiftung gGmbH. Nikolai Keller is also a lawyer and partner at Keller & Kollegen, a law firm based in Stuttgart, as well as Chair of the Supervisory Board of Helixor Heilmittel GmbH and member of the Supervisory Board of Nikolaus Cusanus Haus e.V. Prior to that he had served at Weleda AG as Managing Director Pharma Germany/Austria/Switzerland. Mr. Keller started his career at the law firm Barkhoff & Partner in Bochum.
Nikolai Keller was first appointed in 2018 and his present term expires in 2022. He is of German nationality and does not own any Triodos Bank depository receipts.
Willem Lageweg (1951)
Willem Lageweg was CEO of MVO Netherlands, a centre of excellence which encourages corporate social responsibility among companies until July 2016. Prior to that he worked for Rabobank Netherlands where he held various positions such as spokesperson & Communications Director, Director of Cooperation and Project Director for Major Cities. He began his career at the National Cooperative Council for Agriculture and Horticulture. Currently he holds a number of administrative, supervisory and advisory positions, including at Transition Coalition Food, Louis Bolk Institute, SIB Kenya, Close the Gap, Institute for Positive Health and Platform Integrity and Business Ethics.
Willem Lageweg was first appointed in 2016 and his present term expires in 2020. He is of Dutch nationality and owns 183 Triodos Bank depository receipts.
Koen Schoors (1968)
Koen Schoors is full professor of economics at Ghent University. His research focuses on banking and finance, law and economics, development economics, institutional economics and complexity. At Ghent University he is the current head of the Department of General Economics and of the newly founded Russia platform. Outside Ghent University he is Chair of the Board of Gigarant and Trividend and is also a member of the Board of the Cooperative firm Energent, and of the social-artistic collective Bij de Vieze Gasten. He also acted as an expert for the Fortis Commission of the Federal Parliament, the Dexia Commission of the Flemish Parliament and the G1000. He actively participates in the policy debate, via colloquia, debate evenings, public lectures, columns, commentaries and interviews.
Koen Schoors was first appointed in 2017 and his present term expires in 2021. He is of Belgian nationality and does not own any Triodos Bank depository receipts.
Mercedes Valcarcel (1968)
Mercedes Valcarcel is Managing Director in Fundación Tomillo and professor in economics in UNED (Spanish on-line public university) focused on social finance and social impact assessment. Fundación Tomillo aims to contribute to social improvement and development of the individual and works for a change in our society by helping people at risk of exclusion to improve their situation and their community. She is member of the Spanish Social Investments Association (Spainsif) and member the Board of Directors of Fundacion Daniel & Nina Carasso. In the last years she participated in European Commission advisory groups on social entrepreneurship and on innovation.
Previously, for 10 years, Mercedes Valcarcel held various management positions in a public foundation in charge of promoting employment in small and medium-sized enterprises (SME). Before that, she worked for 14 years in the financial sector in internal audit, consultancy and financial departments of various European banks and venture capital companies, such as Sepides, Najeti, SCR, Banco Espirito Santo and Deloitte.
Mercedes Valcarcel was first appointed in 2019 and her present term expires in 2023. She is of Spanish nationality and does not own any Triodos Bank depository receipts.
Jolande Sap (1963)
Jolande Sap is an independent director who dedicates herself to making the business world and society at large more sustainable. She is the Chair of the Supervisory board of Arkin, member of the Supervisory Boards of Royal KPN N.V., KPMG the Netherlands and the National Greenfund and non-executive director of Renewi plc. She is also Chair of the Dutch Federation for Health and the Smoke free table of the Dutch National Prevention Agreement. In addition she is involved in a number of social initiatives, including Fairfood, the Springtij Forum and the Dutch Sustainable Fashion Week.
Between 2008 and 2012, Jolande Sap represented the Dutch Green Party, GroenLinks, in the lower house of the Dutch parliament, she was party leader for the final two years of this period. Before that she worked as an economist in the fields of science, policy and business. She was, among other things, head of the Incomes Policy department at the Ministry of Social Affairs and Employment, and director of the LEEFtijd center of expertise, a consultancy for sustainable employment issues.
Jolande Sap was first appointed in 2020 and her present term expires in 2024. She is of Dutch nationality and does not own any Triodos Bank N.V. depository receipts.
