ING Direct 2002 Annual Report Download - page 9

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Annual Report 2002 · ING Group6
Information for Shareholders
Dividend policy
ING will propose to the Annual General Meeting
of Shareholders in April 2003 to introduce
optional cash/stock dividend as from the final
dividend 2002. ING intends to fully fund the cash
element by selling the bearer depositary receipts
that would have been issued if stock was chosen
instead of cash. This policy change will enable
ING to further strengthen its capital base. This
additional capital will serve as a risk buffer for
swings in asset values as well as support organic
growth.
Rating agencies
The deteriorated economic climate led to more
frequent contacts between ING and the credit
rating agencies. ING Groep N.V. and ING
Verzekeringen N.V. were downgraded one notch
to A+ by Standard & Poor’s, while Moody’s
stated at the end of December 2002 that it was
in the process of reviewing its ratings, Aa2, for
these two legal entities. Both Standard & Poor’s
and Moody’s reconfirmed the rating for ING
Bank N.V. (AA–, resp. Aa2) in the reporting year.
An overview of the ratings is given on page 75.
Corporate governance
ING reviewed its corporate governance structure
in 2002. The review will result in several propo-
sals to the Shareholders’ Meeting on 15 April
2003. The proposals aim at a carefully balanced
corporate-governance structure that on the
one hand extends stakeholder influence and on
the other hand does justice to ING’s desire to
defend itself against hostile take-over attempts.
See also the chapter on corporate governance as
of page 76.
Listings
Depositary receipts for ING Group ordinary
shares are listed on the stock exchanges of Am-
sterdam, Brussels, Frankfurt, Paris, the Swiss
exchanges and the New York Stock Exchange.
Depositary receipts for preference shares are
listed on the Euronext Amsterdam Stock Market.
Warrants B are listed on the Euronext Amsterdam
and Brussels Stock Markets. Short-term and
long-term options on ING Group depositary
receipts for ordinary shares are traded on the
Euronext Amsterdam Derivatives Markets and
the Chicago Board Options Exchange.
Shareholders with stakes of 5% or
more
Under the Dutch Act on the Disclosure of
Significant Interests, three holders of depositary
receipts with a (potential) interest of between
5% and 10% in ING Group were known as at 31
December 2002. They were ABN AMRO, Aegon
and Fortis Utrecht.
INFORMATION FOR SHAREHOLDERS
 

Cees Maas, member of the
Executive Board and Chief
Financial Officer, in his room
in ING House, discussing the
financials with the general
management of Corporate
Control & Finance, Hans van
Barneveld (standing) and
Ronald Nijsen.


In addition to financial press
releases, ING also publishes a
Shareholders’ News and
Shareholders’ Bulletin. For more
information, please contact:
ING Group
Investor Relations Department
(IH 07.362)
P.O. Box 810
1000 AV Amsterdam
The Netherlands
telephone +31 20 541 54 62
fax + 31 20 541 54 51
www.ing.com