Retiring Heemskerk’s parting advice: 'Safeguard this structure'
19-6-2009 | Other news
“When I was appointed Chairman of the Executive Board in December 2002, the Financial Times described me as a ‘banker on a pile of manure’. The Economist now calls this ‘proud to be dull,’” said the retiring Bert Heemskerk. The Chairman paused to reflect on his career and take stock of recent developments during his final speech at the Rabobank General Meeting 18 June.
Heemskerk’s banking career
Unlike his predecessors, Bert Heemskerk was already a seasoned banker when he first joined Rabobank. After studying philosophy, theology and macro-economics, Heemskerk started his banking career in 1969 at the Amro Bank (later ABN AMRO). Twenty years later, he joined Van Lanschot Bankiers, and in 2002, he accepted the position as Chairman of the Executive Board of Rabobank Nederland.
Ardent Rabo-Ambassador
In the last few years, Heemskerk has become known as an ardent Rabo- Ambassador who preached the cooperative philosophy with flair and vitality. Under his leadership, Rabobank blossomed into a self-assured commercial bank. Heemskerk’s most significant achievement was definitely the merger of Interpolis and Achmea, from which Rabobank acquired a significant stake in Eureko.
Microfinance
Under Bert Heemskerk’s guidance, Rabobank’s ambition to be the global food and agri bank has led to diverse foreign investments. He also internationally propagated the potential of micro-financing in battling poverty, and was very involved in the activities of Rabo Development.
A better world
The cooperative structure has turned out to be a powerful weapon in times of aggressive hedge-funds and militant shareholders. During an exclusive interview, the Dutch Newspaper de Volkskrant asked Heemskerk whether everyone should implement the Rabo-model, he said, “It would guarantee a better world.”
No reservations
While most bankers have kept a low profile during the last months, Bert Heemskerk repeatedly voiced his concerns regarding the course of events in the financial world. With no reservations, he asked why Rabobank should take the blame for the actions of the fallen, high-risk international savings banks. He also openly criticised unfair competition between the current state-banks in the Netherlands. Shortly after, Heemskerk introduced the National Mortgage Guarantee scheme for the Dutch market.
Parting wisdom
Heemskerk concluded his speech by asking why Rabobank has suffered so little from the credit crisis. The answer, he believes, is that the cooperative structure at Rabobank has ensured that the banking operation has stayed on the straight and narrow path.
“While it’s possible to make a faux pas within our cooperative, it is impossible for us to completely lose our way thanks to the built-in system of checks and balances. We demonstrate our solidarity towards one another and safeguard each other via the mutual guarantees. We keep each other in check through the supervisory role of Rabobank Nederland vis-à-vis the local member banks and the control over this supervision exercised by the Central Delegates Assembly and the General Meeting,” said Heemskerk.
“Be sure to safeguard this structure,” concluded Heemskerk.
