Stakeholder dialogue

We see stakeholder engagement as a two-way dialogue. We engage with stakeholders to create partnerships, invest together, harmonize our approaches, and seek insights that inform our policies and approaches.

In addition, we strongly value the input we receive from various stakeholders on our (proposed) investments. They bring critical perspectives and alert us to different viewpoints, provide us with critical feedback and challenge us to be more transparent and accountable as an organization. Through dialogues we aim to better understand each other’s perspectives and find ways to strengthen our collaboration. Our stakeholder dialogues help us to reflect and enhance our risk assessment practices.

We changed our organizational structure in 2023 to optimize the coordination of FMO’s stakeholder relations. The Corporate Communications Department, which already oversaw relationships with employees, media and – to a lesser extent –the general public, was given responsibility for relationships with the Dutch Government, members of parliament, NGOs, EDFI, academia and think tanks. By bringing the coordination of these relationships closer together in this new Corporate Stakeholder Engagement Department, we hope to optimize and deepen the value we seek to bring through these partnerships.

Our engagement per stakeholder group

The following table summarizes the material topics by stakeholder group and how we have engaged with them during 2023. Overall, most stakeholders engage with us because of the impact we aim to achieve through our investments.

Stakeholder Group	Material topics	How we engaged in 2023
Employees. All permanent and external professionals, including senior managers and members of the Management Board.	• Diverse and inclusive organization – FMO’s workforce • Employee development, engagement, health and well-being – FMO’s workforce • Maintaining financial sustainability • Responsible, compliant, transparent, and accountable banking	Management checked in with FMO employees through different means. First, direct reports had bilateral and team meetings. Second, through pulse surveys about specific topics, such as the employee value proposition FMO will be updating. Third, management regularly met with the Works Council to discuss pensions, the effects of inflation, organizational changes and the results of employee engagement surveys. Finally, the Management Board had regular all-staff meetings, employee or community events, wrap-up emails and vlogs.
Customers, including corporates, financial institutions, private equity fund managers, agribusiness and energy project developers, and workers in the value chain.	• Biodiversity • Climate change • Gender equality – FMO’s customers and workers in the value chain • Human rights • Productive employment & decent work for all and inclusive & sustainable economic growth – workers in the value chain • Pollution • Reduced inequalities • Strong governance and high ESG standards – FMO customers • Water resources	We connect with our customers throughout the investment process. In addition to business meetings, we organized topical events and conferences and brought together customers through communities of practice. In 2023, our bi-annual Future of Finance event gathered more than 500 visitors from all over the world, including customers and stakeholders. We were honored to welcome Her Majesty Queen Máxima of the Netherlands as one of our speakers. Throughout 2023, we continued to work with customers to identify opportunities to increase impact. Furthermore, we invited customers to connect with FMO staff during all-staff meetings.
NGOs and local communities, including NGOs that represent environmental and human rights advocates, knowledge centers and banking whistle blowers, as well as local organizations, and communities.	• Biodiversity • Climate change • Human rights • Pollution • Reduced inequalities • Responsible, compliant, transparent, and accountable banking • Strong governance and high ESG standards – FMO customers • Water resources	We continued our dialogue with NGOs, mainly civil society organizations representing local communities around a project or investment. This can take place in the countries of our investments or, through the CSO's international partners, at a corporate level. This year FMO has launched the new customer disclosure policy, where the disclosure of project information has triggered many NGO interactions. FMO has been assessed on its transparency by the NGO Publish What You Fund and on climate policy by the NGO E3G.
Shareholders. FMO is a public-private development bank. The Dutch Government is our major shareholder, holding a 51% stake. Other shareholders include large Dutch banks (42%) and employers’ associations, trade unions and individual investors (7%).	• Climate change • Maintaining financial sustainability • Productive employment & decent work for all and inclusive & sustainable economic growth – workers in the value chain • Reduced inequalities • Responsible, compliant, transparent, and accountable banking • Strong governance and high ESG standards – FMO customers	The Annual General Meeting of Shareholders (AGM) convenes once every year. However, both the Management Board and Supervisory Board can request extraordinary meetings (EGM). Shareholders representing at least 5% of FMO's issued capital can also convene a meeting. In 2023, an AGM was held in April. During the AGM, we presented the key events and results for the 2022 financial year as well as the profit appropriation and dividend for 2022, which were adopted by our shareholders.
The Dutch Government as majority shareholder. The Dutch Minister of Finance and the Minister for Foreign Trade and Development Cooperation (part of the Ministry of Foreign Affairs) are politically responsible for FMO.	• Climate change • Gender equality – FMO’s customers and workers in the value chain • Productive employment & decent work for all and inclusive & sustainable economic growth – workers in the value chain • Reduced inequalities • Responsible, compliant, transparent, and accountable banking • Strong governance and high ESG standards – FMO customers	The Management Board and other internal stakeholders frequently interact with the Ministry of Finance (MoF) and Ministry of Foreign Affairs (MoFA) to discuss strategic policies and how FMO fulfills its mandate. Every six months, the Management Board participates in the Strategic Policy Meeting with both Ministries. Notable topics discussed in 2023 included: • Progress concerning action items resulting from the FMO-A evaluation; • The Update of the Agreement between the Dutch State and FMO; • Joint Agenda items, such as regulatory requirements (such as sustainable finance regulations), ESG, FMO's business plan and B-loans.
Investors, including bond investors, institutional and private investors.	• Climate change • Gender equality – FMO’s customers and workers in the value chain • Productive employment & decent work for all and inclusive & sustainable economic growth – workers in the value chain • Reduced inequalities • Responsible, compliant, transparent, and accountable banking • Strong governance and high ESG standards – FMO customers	Institutional and private investors are interested in the risk-return profile and development impact of our investments. Therefore, we provide regular financial and impact reports (e.g. FMO’s Sustainability Bond Newsletter), often supplemented with case studies. FMO also engages with investors through investor meetings, events and conferences. In 2023, we attended or spoke at events organized by the Global Impact Investor Network and the National Sustainability Congress. At COP28 we spoke about our latest partnership with Allianz and the MacArthur Foundation, with whom we launched the SDG Loan Fund, and other climate and food-related topics.
Knowledge community, including universities, think tanks, experts and independent consultants who conduct development impact evaluations.	• Biodiversity • Climate change • Gender equality – FMO’s customers and workers in the value chain • Productive employment & decent work for all and inclusive & sustainable economic growth – workers in the value chain • Pollution • Reduced inequalities • Strong governance and high ESG standards – FMO customers • Water resources	FMO welcomed two leading think tanks (Clingendael and ODI) to its management offsites, ensuring it can make decisions on strategy and implementation based on inputs received from external stakeholders. In addition, FMO has opened its doors and provided two Clingendael groups with presentations about its work, supporting external stakeholders interested in learning more about the work of FMO.
DFIs, international financial institutions and multilateral banks, with whom we co-invest, harmonize our approaches and share knowledge.	• Biodiversity • Climate change • Gender equality – FMO’s customers and workers in the value chain • Productive employment & decent work for all and inclusive & sustainable economic growth – workers in the value chain • Pollution • Reduced inequalities	As a member of EDFI, the Association of European Development Finance Institutions, FMO works on the harmonization of approaches that can foster stronger collaboration, as well as on sustainable finance policy and regulatory processes with other stakeholders, such as the EU. In 2023, FMO hosted the Autumn ESG and Development Effectiveness Network Event for the EDFI. In addition, FMO also engaged non-European DFIs outside of EDFI and MDBs on the business side, as well as on climate, supporting the private sector in war-torn Ukraine, and ESG. There are ongoing topical workstreams for Sustainable Finance, ESG (including Paris Alignment, Human Rights and Gender Equality), Technical Assistance & Market Creation, ICT & Data harmonization, Communications and Legal, where insights are exchanged and best practices are shared.
Public investment partners including the Dutch Government, the European Commission, the Green Climate Fund and the UK Government.	• Biodiversity • Climate change • Gender equality – FMO’s customers and workers in the value chain • Productive employment & decent work for all and inclusive & sustainable economic growth – workers in the value chain • Reduced inequalities • Responsible, compliant, transparent, and accountable banking • Strong governance and high ESG standards – FMO customers	We continue to engage with our public investment partners. In 2023, we facilitated a substantial deal with GCF for & Green at the COP28. This demonstrates FMO's role to enable others to take climate action.
Supervisor and regulator.	• Climate change • Employee development, engagement, health and well-being – FMO’s workforce • Maintaining financial sustainability • Responsible, compliant, transparent, and accountable banking • Strong governance and high ESG standards – FMO customers	FMO is in continuous dialogue with the DNB focused on topics in relation to financial and non-financial risk management.