Response to SOMO investigation into bank lobbying
- Products and services
Jeroen van Maarschalkerweerd
Head of Media Relations & PA
On 17 December 2013, the Center for Research on Multinational Corporations (SOMO) published the results of its investigation into the lobbying activities of banks. ABN AMRO cooperated with this investigation. SOMO’s recommendations mainly concern increasing transparency on lobbying activities.
In ABN AMRO’s case, ‘lobbying activities’ refers to theexchange of information about the impact of legislation on the bank. This often happens when politicians, civil servants and other social parties request this information. As SOMO’s report states, lobbying is a good way to start a stakeholder dialogue and to share knowledge, resulting in more effective legislation. Lobbying is carried out by many companies, industry organisations and social organisations – such as VNO-NCW (the Netherlands’ largest employers’ organisation), the Dutch SME Association (MKB Nederland), the Consumers’ Association, patient organisations, homeowners’ association Vereniging Eigen Huis and, of course, SOMO itself.
We believe SOMO does not do policymakers and watchdogsjustice regarding ‘regulatory capture’ (i.e. under the influence of lobbyists, policymakers and watchdogs supposedly defend the interests of the industry they’re supposed to regulate). SOMO makes it seem like they are easily ‘influenced and manipulated’ by other parties and are unable to develop their own insights and decisions of social importance based on all obtained data.
However, some of the recommendations made by SOMO arein line with the updated reporting process that was introduced when the new ABN AMRO was formed, and we are keen to incorporate SOMO’s recommendations. We will provide more information on our website and in our annual reports on our exchange with legislators and policymakers and our opinion on legislation than we currently do.