At the hybrid meeting of Stichting Administratiekantoor Aandelen Triodos Bank (SAAT), around 5% of the depository receipt holders were present or had granted a proxy. A majority of these depository receipt holders voted against the proposed changes (see full overview of voting). 

The agenda included as previously announced and promised a number of changes to SAAT's governance as a result of the 'one share one vote' model choice made by depository receipt holders on 23 March 2023. Another separate webinar was organised around these proposals in October 2023. In addition, there were some recent legislative and regulatory changes on the agenda that had not yet been implemented in SAAT's governance. 

The proposed modernisation of SAAT's governance is a extensively -considered and widely discussed step towards a purer relationship between SAAT, Triodos Bank and depository receipt holders that is in everyone's interest. It is therefore disappointing that the proposals were not adopted today. But SAAT that the reason for the rejection of the modernisation appears to lie not in the proposals themselves but in an underlying sentiment among a proportion of depository receipt holders towards the bank. 

The future of Triodos Bank can only be secured by the bank and depository receipt holders working together. Restoring the relationship of trust between these two parties is crucial. SAAT will continue to work towards that end.

Further details of this meeting can be found on SAAT's website: Depository receipt holders’ meetings (

Download voting results (PDF)