Jos Baeten

Jeroen: First of all, thank you, Jos Baeten, CEO of a.s.r., for taking the time to speak with Leaders in Finance in the run-up to the Leaders in Sustainable Finance Event on January 30th 2025.

Jos: Thank you for having me.

Jeroen: Wonderful. You’re taking part in a one-on-one interview with Twan Huys, so we’re very glad you’re already taking the time to think with us about the different topics. But first, could you share a few words about yourself, who you are, and what you represent?

Jos: My name is Jos Baeten, I am 66 years old and was born in the south of the Netherlands. I’ve been the CEO of a.s.r. Insurance Group for almost 20 years. Over time, a.s.r. has been recognized as a leader in sustainable insurance. We strongly believe that the industry, and financial institutions specifically, should take the lead in the drive for sustainability, especially now that governments are stepping back a little. We have the resources to make a substantial impact and drive change.

Jeroen: Well, you’ve already provided a great segue into what was meant to be my second question. As you mentioned, there’s significant global pushback—legally, politically, and in other ways. How do you think financial institutions can help accelerate processes like the sustainability transition?

Jos: A few things are important. New laws like the CSRD are entering the market, shaping reporting requirements, pushing suppliers in the industry, and helping customers transition to a more sustainable way of living and operating—that’s one. Financing the shift to sustainable energy is another key focus, alongside driving positive impact across all areas of the industry. These are crucial topics, but it all starts with leading by example.

Jeroen: Right. Do you have an example, either from your own institution or elsewhere, that inspires you or shows what a financial institution can actually achieve?

Jos: a.s.r. is the largest landowner in the Netherlands after the government. We rent out this land to farmers, who primarily use this for agriculture.  To encourage sustainable farming, we offer to reduce the lease if they invest in more sustainable farming practices. Additionally, we are one of roughly 20 insurance institutions in Europe supporting the Forum for Insurance Transition to Net Zero (FIT), the former Net Zero Insurance Alliance (NZIA). Major insurers backed out of the NZIA amid US political pressure, leading to its dissolution. However, the collective desire to continue investing in a framework where insurers set individual targets toward achieving emission neutrality by 2050 ultimately led to a successful successor: the FIT. The insurance companies involved in the FIT initiative aim to achieve net-zero emissions between 2020 and 2050 from an insurance product perspective.

Jeroen: These are great examples. Looking ahead, we’ve already mentioned that there’s a lot of pushback and challenges, but what do you think will ultimately be the biggest challenges in sustainable finance over the next few years?

Jos: The biggest challenge is recognizing the immediate need for action and shifting our focus to the long term. We can no longer afford to be preoccupied with short-term thinking and ignore the urgency of the situation. This mindset shift is crucial, as failing to act now will likely become the greatest responsibility we, as current leaders, bear for the future of our children and grandchildren

Jeroen: Are you optimistic about the CEOs of financial institutions in the Netherlands compared to global CEOs?

Jos: Dutch industry leaders in finance are generally aware of the need for sustainable practices, but they face significant challenges. These include a government that is stepping back, international pushback, and in some cases pressure from shareholders, especially when financial results are under scrutiny. Despite these obstacles, it is crucial to stand firm in your commitment to sustainability. As a.s.r. We strongly believe our sustainable strategy remains the right way forward. We demonstrate daily that it is possible to combine a sustainable strategy with strong financial performance. This helps in gaining and keeping the support from your shareholders. As a born optimist, I am confident in our ability to lead by example.

Jeroen: So what you’re saying is that ultimately it’s good for the world, good for your institution, and probably also feels good as a CEO, right?

Jos: At the end of the day, it ensures your license to operate. If you lose the support of your stakeholders—whether its society, customers, employees or shareholders—you risk losing your ability to operate effectively. It is essential to maintain their trust and support to secure a sustainable future for the institution.

Jeroen: One last question, completely unrelated to this topic but something we always ask CEOs when we can: What advice would you give to people starting their careers now? Let’s say they’re starting in the financial industry, whether it’s at a.s.r. or could be related to sustainable finance—it doesn’t have to be. Do you have any specific advice or tips for them?

Jos: I get this question more often. I always say, dare to learn and don’t ask what the next step in your career should be, but think about what you should learn before making a move. That’s one. Secondly, dare to listen to your gut feeling. If you’re offered a better position but it doesn’t feel right, turn it down. Only take a step in your career if it feels right and combine those two. Finally, be vocal. If you see something that you want to discuss, mention it. Not speaking up makes you co-responsible for the outcomes.

Jeroen: Wonderful. Jos Baeten, CEO at a.s.r., Thanks a lot for taking the time for a very short but sweet interview in a run up to the Leaders in Sustainable Finance Event on the 30th of January, 2025.