A new organisation set up to boost the role of the Netherlands as a financial centre recommends ending the requirement that all official documents be translated into Dutch and wants greater clarity about the responsibilities of non-executive directors on single-tier boards.
The Holland Financial Centre, chaired by Arthur Docters van Leeuwen the former chief of financial services watchdog AFM, aims to ‘further develop’ the country as an ‘internationally attractive and strong financial centre.’ The centre has the backing of the government and private sector.
As a starting point, the group has come up with 10 recommendations ‘which are not, or only slightly, controversial’ but could lead to quick results, it says.
As well as scrapping the Dutch language requirement and more clarity on single-tier boards, Holland Financial Centre recommends greater flexibility on allocating voting and dividend rights, making it easier for foreign firms to deduct dividend tax and scrapping VAT on the management fees for fund managers.
It is also planning to set up a new financial academy in Amsterdam, named after former head of the European central bank Wim Duisenberg. The Duisenberg School of Finance will be funded by the private sector but work in alliance with other universities.
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