Newsletter nr 4 - July 2016 Sustainable Banking - ABN AMRO · 2019-10-29 · This newsletter is part of the regular ABN AMRO sustainable reporting for the period: 1 april 201 - 1

Newsletter nr 4 - July 2016

SustainableBankingThe How and Why

This newsletter is part of the regular ABN AMRO sustainable reporting for the period: 1 april 2016 - 1 juli 2016

The Dutch organisation Eerlijke Bankwijzer (Fair Finance Guide) compares banks and insurance companies on

their level of sustainability. How does ABN AMRO score according to this organisation’s criteria?

Where does the bank stand

https://www.abnamro.com/en/sustainable-banking/reporting-and-publications/dilemmas/video-dilemma-fair-finance-guide.html?ext=280716_video_fair_finance_guide

https://www.abnamro.com/en/sustainable-banking/reporting-and-publications/dilemmas/video-dilemma-fair-finance-guide.html?ext=280716_video_fair_finance_guide


In the Netherlands, some forty thousand adults are incarcerated every year. Once they’ve

sat out their sentence, a mere 20 per cent of former inmates find a long-term job and many

of them become repeat offenders. A Social Impact Bond set up by ABN AMRO, the Ministry

of Security and Justice, Start Foundation and Oranje Fonds is going to help former inmates

find work and reduce recidivism.

The Ministry of Security and Justice

calls it a win-win-win situation. The

Social Impact Bond ‘Work after

Prison’ is set to help 150 former

inmates in two-and-a-half years’ time.

This should result in a 25 to 30 per

cent decrease in applications for

benefits by former inmates (win 1)

and a 10 per cent decline in repeat

offences (win 2). Moreover, investors

in Start Foundation, ABN AMRO and

Oranje Fonds will make returns on

the resulting savings (win 3).

Dennis van Breemen, programme

manager at the Directorate General

for Youth and Sanctions of the

Ministry of Security and Justice,

adds a fourth, surprising benefit: the

Social Impact Bond encourages civil

servants to think more in terms of

results. ‘The manner in which private

parties, especially banks, calculate

risks has made us more alert. It has

taught us to evaluate a project in

order to set realistic targets. This is

how we discovered that only twenty

of all former inmates find long-term

jobs. Based on this fact, we were

able to formulate our targets.’

Emerging market

‘Work after Prison’ is the third Social

Impact Bond compiled and co-

financed by ABN AMRO. The first

one was launched by Gerrit Zalm in

2013: a project aimed at helping 160

unemployed and unqualified youths

in Rotterdam find a job or go back

to school. In 2015 a second project

Fighting crime How ex-convicts benefit from a Social Impact Bond

How ex-convicts benefit from a Social Impact Bond


followed, helping 540 unemployed

youths in Utrecht find a job, get a

degree or start their own company.

Two more bonds might be launched

in the future. ‘The Netherlands

will then have seven Social Impact

Bonds, five of which were created

with the aid of ABN AMRO,’ says

Ruben Koekoek, Social Impact

Bonds manager. ‘This is a small but

emerging market: worldwide, there

are some sixty similar deals.’

Koekoek had read about the

concept of a Social Impact Bond

in an article on bonds in Dutch

daily Het Financieele Dagblad and,

in collaboration with the city or

Rotterdam, introduced the idea in

the Netherlands. ‘Two years later,

the first bond was launched. It was all

over the news at the time.’ That first

bond has become quite a success.

The first group of 80 youngsters that

have found a job thanks to the bond is

already yielding a return of 12 per cent.

Programme manager Van Breemen

believes these bonds have huge

potential. ‘This model can be applied

to lots of areas of public policy,

although not all social issues are

suited for it. The return generated by

savings needs to be quantifiable, the

project needs to be scalable and you

need to avoid perverse incentives

that would lead to excessive or

inappropriate savings. Basic health

care, for instance, would not be

suitable for SIBs.’

Best price

Koekoek is also optimistic. ‘The

Social Impact Bonds market has

grown most strongly in the United

Kingdom. Tender procedures are

used to challenge the market to solve

a social issue based on predefined

targets. Entrepreneurs respond in

collaboration with social investors

who are prepared to bear the risk if a

project doesn’t succeed. This enables

the government to select the best

plan at the best price.’

Minder recidive De onverwachte winst van een Social Impact Bond voor ex-gedetineerden

Consortium

The Social Impact Bond ‘Work after Prison’ will require an investment of 1.2 million euros. Over the next nine

months, reintegration bureau USG Restart, Stichting 180 and Exodus, a network of volunteers, will recruit

participants among inmates serving sentences of three to twelve months. These prisoners usually receive

counselling from the city, the intensity of which varies from one city to the next. Participants of ‘Work after

Prison’ will follow a more intensive programme: USG Restart will connect them to an employer, Exodus will

provide support and a buddy, and Stichting 180 will supply the project method and coach the social workers.


The world’s biggest motorcycle parking lot is now the greenest. More than 21,000 solar

panels have been installed on the roof of the parking lot at the TT Circuit in Assen,

generating enough energy to supply about 2,000 families with a year’s worth of power. ABN

AMRO is one of the three financers of this project.

GroenLeven, a supplier of solar panels,

conceived the idea of building a solar

park as a carport for motorcycles. But

a consortium of many parties was

required to actually create one of

the Netherlands’ largest solar parks.

Insurer Bovemij, ABN AMRO and

Drentse Energie Organisatie financed

the project, and the carports were built

by construction companies based in

the north of the Netherlands, such as

Van der Wiel and Mannen van Staal.

Tamoil petrol stations and TT Circuit

Assen pledged to purchase solar

energy. The Dutch province of Drenthe,

which owns the land, also participated

in the project. And, of course, TT

Circuit Assen made the motorcycle

parking lot available.

The first pile was sunk on 7 April.

The park was completed on 22

June, a few days before TT Assen

began. After the summer, the cable

network will be delivered and the

panels will start delivering energy.

The 230 stakeholders who attended

the opening agreed on one thing: the

solar park is unique in its significant

contribution to the transition to

sustainable energy. Not only because

the park is so unusual, but also

because it is the result of close

collaboration.

Infographic solar park

Green parking at TT Circuit Assen

Financing solar park Green parking at TT Circuit Assen

https://www.abnamro.com/en/sustainable-banking/finance-and-investment/financing-sustainable-projects/green-parking-at-tt-circuit-assen.html?ext=280716_solar_park_xxl




There’s a new investment option available in the world of sustainable funds: the FMO

Privium Impact Fund. Why is this good news for investors? Yvonne Bakkum, Director of FMO

Investment Management, founded by development bank FMO, explains how the fund works

and how it makes an impact.

Impact investing ‘The difference lies in the impact’

‘The difference lies in the impact’

FMO Investment Management

and fund manager Privium have

set up the FMO Privium Impact

Fund, a new fund that offers ABN

AMRO’s clients the exclusive

opportunity to invest along with

the FMO loan portfolio in emerging

economies. ‘You’re not simply

making an investment when you

put your money in this fund,’ says

Yvonne Bakkum, Director of FMO

Investment Management. ‘You’re

helping to take local economies in

development areas to a higher level

by supporting private businesses

with potential.’

‘Impact investing’ sounds

brilliant. But why would an

investor do this through the FMO

Privium Impact Fund?

‘A lot of people associate impact

investing with microfinancing of

small, self-employed people in

developing countries – farmers, for

example. But it’s much more than

that. We specialise in investments in

larger companies and projects, such

as coffee plantations and windparks.

We want to make a large impact

on society and the environment

in developing countries. This isn’t

charity – it’s important that we get

returns on investors’ money. We

have been around since the 1970s.

Thanks to our network, we are

quicker than others at discovering

promising businesses. We know

from our many years of experience

what it takes to lift businesses in

developing countries to a higher

level – to make them successful.’


How exactly does the FMO

Privium Impact Fund contribute to

a better world?

‘We only invest in companies if

they have a positive impact on the

local social climate or environment.

The social impact is reflected in the

increase in employment – more

jobs. As for the environment, we

look at the company’s efforts to

prevent toxic emissions. We support

these businesses and help them

succeed so that they can set an

example for other companies. They

inspire other companies in the

area to conduct their business in a

socially responsible manner.’

Can you give an example of an

ideal project?

‘The first one that comes to mind

is a rice processing plant in India,

based in the province of Uttar

Pradesh. The company has been

around for decades and is run by

two hard-working brothers who

are always on the lookout for

improvements. The result? The

company is one of the largest,

independently operating rice

processors in the region – and

therefore a big employer. With

their innovative culture, they have

developed a method for burning

rice husk, a residual product, to

generate sustainable energy. And

that’s not all. They even use the

ashes to make silica, a substance

used to make car tyres and other

products. The silica from this Indian

rice processor is of such high quality

that tyre manufacturer Goodyear

has signed a contract with them.’

Can you give an example of a

company that turned out not to

meet your strict criteria?

‘Definitely. Some time ago, we were

just about to grant a loan to a large

company in Colombia. But, just in

the nick of time, we discovered that

the company’s employees were

not allowed to join a trade union.

We couldn’t reconcile that with our

social mission, so we called off the

deal.’

What can an investor expect if

they invest in this fund?

‘The difference lies in the impact

and in making the world a better

place. That’s how we select

the sectors in which to invest:

energy, agri-business, telecoms

infrastructure and financial

institutions. Success in these

sectors is often an indication

of long-term improvement. For

example, a few years ago FMO set

the target that 80% of the energy

portfolio had to be composed of

sustainable energy projects by

2020. It’s now 2016 and this figure

is already more than 80%. Wind,

solar, water energy – they all have

enormous growth potential. Not

only commercially, but especially

socially. A stable, sustainable

energy supply is perhaps the best

foundation for growing prosperity.

For this fund, we have therefore

chosen to finance only sustainable

energy.’

Won’t truly promising companies,

wherever they are based,

draw the attention not only of

development banks like FMO, but

also of ‘mainstream’ banks?

‘That’s exactly right. But there’s an

entire segment of business that has

completely escaped the attention

of the mainstream international

banking sector. Because they’re

too small. Because they have

a different risk profile. Because

their development requires

local knowledge. These are the

companies that FMO focuses on as

a development bank. We often reach

SMEs through our financing of local

banks. A well-functioning financial

sector is the engine of the local

economy – and that’s what makes

this a very important segment for

FMO.’

How large is this fund going to

be, in terms of millions of euros?

‘We set up this fund together with

ABN AMRO and Privium because

we believe it has the potential to

grow to at least 100 million euros.

If it reaches 200 million euros, that

would be an enormous success.

For now, we have agreed on a

maximum of 300 million euros.’

What is the role of each of the

parties you just mentioned?



‘FMO provides the loans in which

the fund can participate. FMO

Investment Management advises

the fund manager on selecting the

best loans. As the fund manager,

Privium performs the administration.

ABN AMRO believes that this fund

is very interesting to Private Banking

clients, who increasingly not only

want to see financial returns, but

also want to make a positive impact

on society. The bank wants to make

that possible by offering this type of

impact fund.’

Find out more

More information, including

essential investor information and

other documentation, is available at

http://www.fmopriviumimpactfund.nl/

(in Dutch only).


‘ABN AMRO has noted that investors are becoming ever more interested in investing in sustainable funds.

Existing sustainable funds are experiencing explosive growth. The FMO Privium Impact Fund offers investors a

new choice in the spectrum of sustainable funds, one which revolves around impact. Impact investing is often

seen as a risky investment which is barely, or even totally not, liquid. This fund is reasonably liquid and can be

included in the investment portfolio. That’s why we are offering it to our clients – it’s an attractive choice for

investors who want to make an impact while getting good returns.’

Solange Rouschop, Global Head of Investment Services & Sustainability at ABN AMRO

http://www.fmopriviumimpactfund.nl/


You wouldn’t normally share your experiences with a competitor, but the agri-sector

businesses that participated in the Round Table on Sustainability, recently organised for clients

of Agri Commodities Clients, are an exception. Guy Hogge, Global Head of Sustainability at

Louis Dreyfus Company, and Lies Dieben, CSR Officer at Nidera, look back on this event. ‘You

don’t dictate how we should do things.’

Round table with clients There are very few places where we can talk to each other so freely

There are very few places where we can talk to each

other so freely

ABN AMRO’s Energy, Commodities

& Transportation Clients business

organised a round table discussion

with clients in the agri commodities

sector. The goal of this session was

twofold: on the one hand, ABN

AMRO wanted to present its revised

sustainability policy and get feedback

on it. On the other hand, it gave ABN

AMRO’s clients the opportunity to

engage in an interactive discussion

on social issues in the value chain.

The organisers divided up the

participants into groups and asked

them to identify the social issues

at play in specific value chains. The

themes addressed were child labour,

discrimination and human rights.

What insights did you gain during

the Round Table on Sustainability?

Guy Hogge: ‘Human rights is a hot

issue in our sector. It’s often hard to

get accurate information on whether

human rights are respected in the

value chain, especially in those parts

of the chain to which we do not have

direct access. So I thought it would

be useful to hear other companies’

experiences. There are very few

places where we can talk to each

other so freely.’


Lies Dieben: ‘I was already aware

that companies in our sector are

contending with the same problems,

but this session confirmed that

feeling. We could work together

much more. Sustainability

departments see the added value

of collaboration, but the businesses

are still much more hesitant. So we

first need to remove these internal

obstacles.’

ABN AMRO has revised its

sustainability policy for Agri

Commodities Clients. What do you

think about how ABN AMRO has

shared this with clients?

Hogge: ‘ABN AMRO does this

differently from other banks. We

usually talk to banks about our

approach to CSR. I think it’s great

that ABN AMRO is taking charge and

being clear about what it expects

from us. We can pass this on to our

commercial people. It’s also nice to

know that we have the same ideas

about CSR.’

Dieben: ‘I like this approach. You

don’t dictate how we should do

things, but you do ask our opinion.

The bank really listens to its

stakeholders.’

What insights did you share with

the other participants?

Hogge: ‘I hope I managed to

convey that we shouldn’t all be

reinventing the wheel. There are

so many institutions that together

have so much more knowledge

and resources than any individual

company does. Let’s make the most

of that. As an individual company, it’s

very hard to bring about change – we

need each other.’

Dieben: ‘I hope I got across how

important it is to be proactive when

it comes to sustainability. At our

company this took off after a crisis,

and that’s no good – you’re starting

from a defensive position. The main

benefit, on the other hand, was that

management was very willing to take

action.’

What are the benefits of

collaboration?

Hogge: ’It’s extremely useful to

brainstorm together using our wealth

of expertise. Collaboration allows

us to benefit fully from each other’s

insights and experiences. Take the

subject of human rights: we all

agree that they should be respected,

but it’s hard to prove that you are

working to safeguard human rights in

the value chain.’

Dieben: ‘Collaboration can be very

useful, if companies are open to it.

In our sector, transparency is still

in its infancy. It’s still very much

“every man for himself”. One place

this is evident is in the soy industry,

in which we do a lot of trading.

There’s been a proliferation of

certification schemes here. This is

counterproductive, if only because

it confuses things. It would be

better to have one standard that is

acceptable to all. It’s great that ABN

AMRO, a major financer, is pushing

sustainability.’

Round table with clients There are very few places where we can talk to each other so freely

Lies Dieben is CSR Officer at Nidera, a leading agricultural trading company that trades in and processes

coffee, cotton and dairy products. Nidera employs 3,500 people in more than 20 countries.

Guy Hogge is Global Head of Sustainability at Louis Dreyfus Company, a leadingmerchant and processor of

agricultural goods globally. The company employs more than 22,000 people and operates in more than 100

countries.


Sustainable procurement is crucial for ABN AMRO. It helps the bank reduce its carbon

footprint, buy responsible products and comply with standards it also expects suppliers to

comply with. Chief Procurement Officer Jan Stoop: ‘I sometimes worry when I hear people

saying “we plan to” or “we’re going to”. We need to take action now.’

Sustainable procurement We want to pass on our knowledge to our suppliers

We want to pass on our knowledge to our suppliers

Making its own offices more

sustainable, cleaning up its lease

fleet, taking the train (rather than

driving) from the Netherlands to

the bank’s offices in Frankfurt and

Paris – it’s clear that ABN AMRO is

trying to reduce the carbon emissions

produced by its own operations. It

has committed to the Dutch banks’

Climate Statement. We take our

responsibility seriously and aim to

halve our carbon emissions in 2020

compared with 2014, and to be

completely energy-neutral by 2050.

But we can’t do it alone, says Chief

Procurement Officer Jan Stoop.

‘We can control half the emissions

produced by our own operations;

for the other half, we are dependent

on our suppliers. Together with our

partners we can make a real impact.’

As a large company, ABN AMRO

can make a large impact on its

suppliers. For example, the bank uses

its tendering procedures to require

suppliers to take back material at the

end of a product’s useful life, Stoop

explains. This could initially be difficult

for the supplier, but if they design

the product taking into account easy

dismantling and recycling, they can

make optimum use of the material.

This is not just a far-away dream

according to Stoop – ABN AMRO and

its suppliers are already making buy-

back agreements on various products,

like our emergency generator.

Circular procurement

Sustainable procurement goes further

than reducing carbon emissions. For

https://www.abnamro.com/en/newsroom/newsarticles/abn-amro-signs-dutch-banks-climate-statement.html

https://www.abnamro.com/en/newsroom/newsarticles/abn-amro-signs-dutch-banks-climate-statement.html


example, ABN AMRO signed the

Green Deal Circular Procurement

statement in 2013, committing itself

to starting at least two circular pilots

in 2014. Today, there are a total of 32

initiatives up and running. ‘To make

these circular initiatives a success, we

need to work closely with suppliers.

We are making agreements with

them on taking back used goods,

such as computers, and on life cycle

guarantees.’

ABN AMRO is also assessing the

sustainability of all of its suppliers

based on the FIRA rating system. The

results of the FIRA rating are stored

in a special register that purchasing

officers can consult. Based on the

FIRA rating, ABN AMRO can see what

a given supplier is doing in terms of

the environment, circular production,

human rights and society. The FIRA

rating has different ‘steps’, meaning

a supplier can comply with a bare

minimum. It’s mainly these suppliers

that Jan Stoop wants to encourage

to make their operations more

sustainable. He says the FIRA rating is

only the beginning.

At ABN AMRO, we have a lot of

knowledge about sustainability and

circular production which we want to

use not only for ourselves, but also

for our clients. Above all, we want to

set an example for other companies.

Stoop: ‘We can use our knowledge

to help suppliers. You’ll often find

us at seminars and events, like the

Young Procurement Professionals

conference, which ABN AMRO is

hosting on 28 October 2016.’

Window dressing

Stoop has found at procurement

events that you have to be very

patient when it comes to promoting

sustainability. ‘Suppliers have other

priorities, which makes it hard

to achieve results quickly. But I

sometimes worry when I hear people

saying “we plan to” or “we’re going

to”. I want results, and I find myself

thinking that it’s not about window

dressing. We need to take action now.’

Stoop says the suppliers that ABN

AMRO has assessed so far have

generally scored pretty well. ‘We do

business with modern companies

that acknowledge the importance

of sustainable operations and

transparency, but there’s definitely

room for improvement.’ The bank

talks to suppliers that fail to show

demonstrable progress. ‘I have

never had to dissolve a contract. But

make no mistake – I would do it if

necessary.’

Sustainable procurement We want to pass on our knowledge to our suppliers


Head of Sustainable Banking Richard Kooloos ranks his favourite tweets and retweets once

every three months. This quarter’s picks: jobs for young people, an extraordinary banker

almost awarded, buildings that bind, and fifty shades of green.

Richard (re)tweets: ‘We really struck a chord’

Richard Retweets ‘We really struck a chord’

Richard Kooloos, Head of Sustainable

Banking at ABN AMRO and

registered tweeter, pressed the

tweet button almost 3,000 times in

just under 2,000 days. He shares

what he thinks, does and sees in

the world of sustainability. This is his

selection of tweets from the past

quarter.

‘The Sustainability Dialogue

was a knowledge session about

sustainability by and for ABN AMRO

staff. To our pleasant surprise, it

was fully booked within two hours:

450 people had signed up. And so

we organised a second session.

Apparently, this triggered something

in my colleagues. We explained the

whys and wherefores of sustainable

investments, the circular pavilion and

sustainable real estate. These are

stories that inspire and help us get a

handle on sustainability. So when you

go home at night you have an answer

ready when people say: ‘Yes, but

Triodos is doing more’. ‘No, it’s us and

Triodos.’ People want to be proud of

the company they work for. We really

struck a chord. I guess that’s because

there’s more and more support for

sustainability within and outside

the bank – the Climate Summit in

Paris and Urgenda’s lawsuit against

the Dutch State are testimony to

this. And during the Annual General

Meeting many questions were asked

about sustainability, and the bank

was complimented for its integrated

reporting. These days people want to

be associated with sustainability. Only

about six years ago, the Toyota Prius

https://twitter.com/FlorenceMstrs/status/737211541829877760


was a symbol of sustainability. Now

it’s the Tesla, a car that appeals to an

entirely new group of people.’

‘The Green Leader Award is an

initiative of the Dutch Green Building

Council and a prize for leaders who

help make the real estate market

more sustainable. Among the project

developers and builders nominated

for the award was a banker: Rutger

Schuur, Head of Real Estate &

Public Sector Clients at ABN AMRO.

That’s quite something. People have

come to know Rutger as a banker

who is instrumental in improving

sustainability in the real estate

market. For the past six months

he has been developing a new

business model in which ABN AMRO

encourages the clients it finances

to become more sustainable. He is

in charge of real estate loans to the

tune of 15 billion euros and his goal

is crystal clear: 30 per cent of clients

with an A label for sustainability by

2018. He is our corporate activist, a

man with a mission. Three weeks

ago, he talked passionately about the

urgency of tackling climate change

before an audience of 400 bankers.

In the end it was not Rutger, but

Onno Dwars, Head of Acquisition &

Innovation at VolkerWessels Vastgoed,

who walked away with the prize.

Although it was a pity, we are happy

that the winner was, at least, a client

of ours.’

‘The real estate trade fair PROVADA

was staged in June. The picture

this paints is often one of smooth

operators and big-time money. But

we consciously opted to present a

social award at the fair: the Social

Involvement Award for real estate that

acts as a game changer. Examples

are contractors who do more than

renovate alone, giving underprivileged

neighbourhoods a facelift and making

their residents proud of where they

live. So it’s not about the highest

or most expensive buildings, but

about buildings that do something

for the community. I was a member

of the jury that had a 50 per cent

say in the outcome. The other half

was decided by the general public.

The winner was a project by Zenzo

Maatschappelijk Vastgoed in the

newly built neighbourhood of Vathorst

in Amersfoort. The neighbourhood,

called Hart van Vathorst, is


https://twitter.com/richardkooloos/status/740948244340019200



‘The circular economy is a central

theme for the bank, and waste

disposal and recycling have a special

part to play here. At the Waste

Conference, I talked about the

growing importance of return flows.

The waste industry is becoming a

raw material industry. The managing

director of Miele Netherlands

pointed out that two thirds of all

people in the Netherlands would

buy a Miele washing machine if they

weren’t that expensive. This means

that when the purchase price is no

longer a deterrent, there are endless

opportunities for manufacturers of

high-end products. Now what would

happen if manufacturers were to sell

laundry services rather than washing

machines? They would then also

pay the energy and water bills and

would be triggered to lower these

costs by being more energy efficient.

Or they would be encouraged to

build modular machines so that you

only need to replace a spare part if

the machine breaks down. Large

manufacturers such as Daimler are

already experimenting with a ‘car to

go’, offering their customers mobility

services. It seems increasingly logical

for manufacturers to remain the

owners of the cars they produce as

this will enable them to re-use the

spare parts as much as possible.

These examples inspire others

to come up with sound, positive

and innovative business cases.

Developments such as these give

our clients energy and we help them

make things possible.’

‘Emma at Work helps young people

who are chronically ill or who have

a physical disability find a job. The

organisation celebrated its tenth

anniversary in Amsterdam’s Okura

Hotel where the Okura-Emma at

Work award was presented for the

fourth time. ABN AMRO was this

year’s recipient of the award, which

goes to companies that show that

young chronically ill or physically

impaired people can be successfully

integrated in the workplace. Given

the multitude of procedures and rules

companies need to follow, helping

people find work is rather complex,

in particular when the job has to be

individually customised. My colleague

Yelly and her team make a point of

really getting to know the candidates

so that we look beyond their handicap

or illness and see the talented person

they are. In doing so, the team

shows true leadership. All in all, I’m



https://twitter.com/YellyWeidenaar/status/741751882276831232

ABN AMRO

Sustainable Banking

Gustav Mahlerlaan 10, 1082 PP Amsterdam

P.O. Box 283, 1000 EA Amsterdam

The Netherlands

abnamro.com/duurzaam-bankieren

[email protected]

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Documents

Newsletter nr 4 - July 2016 Sustainable Banking - ABN AMRO · 2019-10-29 · This newsletter is part of the regular ABN AMRO sustainable reporting for the period: 1 april 201 - 1