ING Direct 2002 Annual Report Download - page 7

Annual Report 2002 · ING Group4
Message from the chairman
Gaining strength through synergy
Synergy remained a major topic in 2002. All the operations in the Netherlands are engaged in an
extensive restructuring across the business units, grouping the activities by four divisions: retail,
wholesale, intermediaries and operations/IT. We integrated the activities of ING Investment
Management into our three regional Executive Centres to bring our asset management business
closer to our distribution channels. Many new shared service centres were established or completed.
Numerous projects are in progress in the field of operations/IT to improve customer service and at
the same time lower the cost base.
Respond to the new reality
Although the economic and political outlook for 2003 and beyond is full of uncertainties, I am
optimistic that ING will successfully respond to the new reality of the current decade. We will work
hard to continue our growth in the future. We are strongly positioned in markets and business lines
that offer attractive growth prospects, even in times of economic adversity. Furthermore, there are
still many opportunities for synergies within ING.
Care for clients
We would like to thank our clients and business partners for their confidence in ING. We will
continue to offer them a wide range of insurance, banking and asset management products through
the distribution channel of their choice, whether it be the internet, a call centre, a branch office, or
a personal adviser. Although the larger part of ING’s income stems from retail financial services, we
will continue to offer wholesale services in selected markets, with the emphasis on Europe, to serve
our corporate and global clients.
Modern corporate governance
We thank our shareholders, who continued to believe in us despite the sharp fall in our stock price in
the past year. We will do our utmost to offer them a good return on their investment. The changes
in our corporate governance that we proposed early in 2003 increase shareholder influence
considerably, including full voting rights. They also increase the checks and balances between the
executive and supervisory functions within ING. The change in staff consultation, which makes the
Management Committee of ING Netherlands the primary partner for the Dutch Central Workers
Council, reflects the ongoing internationalisation of our Group.
We believe that the proposed changes will lead to a modern governance system that responds
to international developments, while maintaining the proven advantages of ING’s existing structures.
The new corporate governance initiative is a good practical example of our continued quest to
increase transparency. This is also symbolised in our new Amsterdam corporate head office, ING
House, which was officially opened by His Royal Highness Prince Willem-Alexander, the Dutch crown
prince, last year. We will continue our efforts to position ourselves as a reliable corporate citizen. We
will report on our progress in these fields in the ‘ING in Society’ report.
Confidence in our staff
In conclusion, a word of thanks is due to our 115,000 employees around the world who have worked
hard to pull ING through in 2002. We aim to be a good, modern employer for them with a human-
resources policy in which diversity, permanent education and a healthy work/life balance are focal
points of attention. With the transformation to a global brand and numerous integration and
cooperation projects in progress, we clearly notice a growing pride among our employees that they are
part of a successful, worldwide team. My colleagues and I have full confidence in our management
and staff. They are dedicated to keep ING on course and ensure a continued, stable development
that benefits all stakeholders.
EWALD KIST
Chairman Executive Board


No more automatic increase
in capital gains
—
Focus on our core business
—
Further development of the
global ING Brand
—
Modernisation of ING’s
corporate governance