Results of ING's 2024 Annual General Meeting
The Annual General Meeting (AGM) of ING Groep N.V. was held today in Amsterdam.
The AGM adopted all agenda items, including the annual accounts for 2023,
discharge of the members of the Executive Board and the Supervisory Board and
the dividend for 2023.
Juan Colombás, Herman Hulst and Harold Naus were reappointed as member of the
Supervisory Board for a second term of four years. Also, Deloitte Accountants BV
was appointed as next external auditor for a term of four years starting on 1
January 2026.
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ING PROFILE
ING is a global financial institution with a strong European base, offering
banking services through its operating company ING Bank. The purpose of ING Bank
is: empowering people to stay a step ahead in life and in business. ING Bank's
more than 60,000 employees offer retail and wholesale banking services to
customers in over 40 countries.
ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS),
Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).
Sustainability is an integral part of ING's strategy, evidenced by ING's leading
position in sector benchmarks. ING's Environmental, Social and Governance (ESG)
rating by MSCI was affirmed 'AA' in July 2023. As of December 2023,
Sustainalytics considers ING's management of ESG material risk to be 'strong'.
ING Group shares are also included in major sustainability and ESG index
products of leading providers Euronext, STOXX, Morningstar and FTSE Russell.
Important legal information
Elements of this press release contain or may contain information about ING
Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU
Regulation No 596/2014 ('Market Abuse Regulation').
ING Group's annual accounts are prepared in accordance with International
Financial Reporting Standards as adopted by the European Union ('IFRS- EU'). In
preparing the financial information in this document, except as described
otherwise, the same accounting principles are applied as in the 2023 ING Group
consolidated annual accounts. All figures in this document are unaudited. Small
differences are possible in the tables due to rounding.
Certain of the statements contained herein are not historical facts, including,
without limitation, certain statements made of future expectations and other
forward-looking statements that are based on management's current views and
assumptions and involve known and unknown risks and uncertainties that could
cause actual results, performance or events to di?er materially from those
expressed or implied in such statements. Actual results, performance or events
may di?er materially from those in such statements due to a number of factors,
including, without limitation: (1) changes in general economic conditions and
customer behaviour, in particular economic conditions in ING's core markets,
including changes affecting currency exchange rates and the regional and global
economic impact of the invasion of Russia into Ukraine and related international
response measures (2) changes affecting interest rate levels (3) any default of
a major market participant and related market disruption (4) changes in
performance of financial markets, including in Europe and developing markets (5)
fiscal uncertainty in Europe and the United States (6) discontinuation of or
changes in 'benchmark' indices (7) inflation and deflation in our principal
markets (8) changes in conditions in the credit and capital markets generally,
including changes in borrower and counterparty creditworthiness (9) failures of
banks falling under the scope of state compensation schemes (10) non-compliance
with or changes in laws and regulations, including those concerning financial
services, financial economic crimes and tax laws, and the interpretation and
application thereof (11) geopolitical risks, political instabilities and
policies and actions of governmental and regulatory authorities, including in
connection with the invasion of Russia into Ukraine and the related
international response measures (12) legal and regulatory risks in certain
countries with less developed legal and regulatory frameworks (13) prudential
supervision and regulations, including in relation to stress tests and
regulatory restrictions on dividends and distributions (also among members of
the group) (14) ING's ability to meet minimum capital and other prudential
regulatory requirements (15) changes in regulation of US commodities and
derivatives businesses of ING and its customers (16) application of bank
recovery and resolution regimes, including write down and conversion powers in
relation to our securities (17) outcome of current and future litigation,
enforcement proceedings, investigations or other regulatory actions, including
claims by customers or stakeholders who feel misled or treated unfairly, and
other conduct issues (18) changes in tax laws and regulations and risks of non-
compliance or investigation in connection with tax laws, including FATCA (19)
operational and IT risks, such as system disruptions or failures, breaches of
security, cyber-attacks, human error, changes in operational practices or
inadequate controls including in respect of third parties with which we do
business and including any risks as a result of incomplete, inaccurate, or
otherwise flawed outputs from the algorithms and data sets utilized in
artificial intelligence) (20) risks and challenges related to cybercrime
including the e?ects of cyberattacks and changes in legislation and regulation
related to cybersecurity and data privacy, including such risks and challenges
as a consequence of the use of emerging technologies, such as advanced forms of
artificial intelligence and quantum computing (21) changes in general
competitive factors, including ability to increase or maintain market share (22)
inability to protect our intellectual property and infringement claims by third
parties (23) inability of counterparties to meet financial obligations or
ability to enforce rights against such counterparties (24) changes in credit
ratings (25) business, operational, regulatory, reputation, transition and other
risks and challenges in connection with climate change and ESG-related matters,
including data gathering and reporting (26) inability to attract and retain key
personnel (27) future liabilities under defined benefit retirement plans (28)
failure to manage business risks, including in connection with use of models,
use of derivatives, or maintaining appropriate policies and guidelines (29)
changes in capital and credit markets, including interbank funding, as well as
customer deposits, which provide the liquidity and capital required to fund our
operations, and (30) the other risks and uncertainties detailed in the most
recent annual report of ING Groep N.V. (including the Risk Factors contained
therein) and ING's more recent disclosures, including press releases, which are
available on www.ING.com (http://www.ING.com).
This document may contain ESG-related material that has been prepared by ING on
the basis of publicly available information, internally developed data and other
third-party sources believed to be reliable. ING has not sought to independently
verify information obtained from public and third-party sources and makes no
representations or warranties as to accuracy, completeness, reasonableness or
reliability of such information.
Materiality, as used in the context of ESG, is distinct from, and should not be
confused with, such term as defined in the Market Abuse Regulation or as defined
for Securities and Exchange Commission ('SEC') reporting purposes. Any issues
identified as material for purposes of ESG in this document are therefore not
necessarily material as defined in the Market Abuse Regulation or for SEC
reporting purposes. In addition, there is currently no single, globally
recognized set of accepted definitions in assessing whether activities are
"green" or "sustainable." Without limiting any of the statements contained
herein, we make no representation or warranty as to whether any of our
securities constitutes a green or sustainable security or conforms to present or
future investor expectations or objectives for green or sustainable investing.
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of applicable project(s) and/or any other relevant information, please reference
the offering documents for such security.
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