Photo: Reuters / Koen van Weel
ING CEO Ralph Hamers will give more than 28 percent wage increase. If it is on the supervisory board salary increases of 1.27 million to 1.63 million in 2015. This writes the ING in the annual report published today.
The salaries of the Board of Directors since 2009 were not increased. The bank made use of State aid and therefore could not pay bonuses, not even with good performance.
For other members of the Executive Board, CFO Patrick Flynn and CRO Wilfred Nagel, increases the salary of 772 000 euros to 1.18 million. With good performance they can earn additional twenty percent.
The CEO Lard Friese of insurer Nationale-Nederlanden sees his salary by nearly 39 percent to 1.18 million. NN went last year for the stock market after the European Commission forced ING to divest its insurance because the bank received state aid. According to the company, the directors since been given more responsibilities and that the salary increase warranted. Also CFO Delfin Rueda therefore is 46 percent earn more.
ABN Amro last year in the news because the bank decided hundred top managers to give a salary increase of twenty percent.
The unions were shocked on the salary increase at ING.
According to the ANP writes CNV:
“The culture of greed seems back on track.”
And FNV:
“In the meantime, should in this shrinking business people and the employees there for years no purchasing power had to.”
ING in the annual report are correct to worry about the new bonus ceiling in the Netherlands. Starting in February, there is a new law that reduces bankers’ bonuses to twenty percent of the fixed salary. This law would allow the bank according to an uneven playing field.
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