It rumbles a year between ABN and Dijsselbloem – Financieele Dagblad (Registration)

HH / Phil Nijhuis

A bank believes that the government is totally unreliable, and a government that thinks that the bank has no sense of the zeitgeist. The question arises as to how to proceed should ABN Amro and its shareholder, Jeroen Dijsselbloem Minister of Finance. The relationship was already quite warm because the bank will not need to inform the minister about problems with a branch in Dubai or a critical report from supervisor De Nederlandsche Bank. And because the minister is critical of the protection structure to the bank wants.

all it is nothing compared to the wildfire that only 11 days ago broke the wage increase of six directors and ABN Amro on Tuesday entered a new phase with the departure of a commissioner. The remuneration policy responsible supervisor Peter Wakkie get on because he thinks that the bank is in the right and the minister that policy did not wish to defend convincingly while he was agreed with it gone

Doelstellingen

It is the provisional outcome of an issue that behind the scenes the irritation in recent years rose ever forward. Illustrative of this was a conversation in March 2014 between Dijsselbloem and a delegation of ABN Amro. Following is the draft annual report of the Bank for the year 2013. The bank plans to pay out the long-term incentive of € 200,000 now the directors have met their objectives

Dijsselbloem is surprised. LTI? In 2012, nevertheless became a law which stipulates that no variable remuneration is paid by state banks. But the long-term incentive dates from 2010, before the law came into force. The lawyer is strictly Wakkie: deal is a deal, and the law is not explicit on this point. Dijsselbloem is furious. Bonuses are for politicians – especially of Labour house – an open nerve. There know as the former directors of the nationalized SNS Reaal everything.

No bonus, but a fee

The outcome of the wrangling has some way of haggling. The Board of ABN Amro delete the bonus, but does require the minister that he will stand firm when the compensation is paid on the fixed salary. In a shareholders’ agreement established in 2012 that the income of the performance bonus is partly offset by an increase in the fixed salary by 16.75%. Due to reorganization of the bank see the six directors for 2013 onwards.

In June 2014, the bank crash and the Minister again if commotion arises concerning the pay increase for the top 100. Dijsselbloem threatening as its support for the fee to withdraw the board, but the case will end with a whimper. Having learned from the experiences traveling a delegation of the bank 22 and 29 September to The Hague to discuss the proposed salary increase with the minister. They ask him to prepare in advance for the Chamber to the supplement at a parliamentary debate about bonuses on 2 October. The minister does, but sparingly: “… It is permissible to give some compensation in the fixed salaries. I hope that it is prudently managed. I work as a shareholder and as a minister. “

It feels like betrayal

Headquarters ABN-AMRO bank.

HH / Patrick Mail

As on March 20, opens the annual report and the expected commotion breaks out, says Dijsselbloem” Legally, to defend it, but morale is to understand the poor. ” Wakkie feels betrayed to the bone. “They have to give up their variable pay and have done two years voluntarily away from where they are entitled to supplement their salaries,” he said Tuesday in front of TVNZ

The minister looks very different. One of his predecessors in Finance – Wouter Bos – stipulated in 2009 that there always must be approved by the Minister on the remuneration policy of a state bank. And that’s not for nothing. “You can not expect this minister will defend this increase jubilant. Certainly not now his party has again lost the election. That had ABN could and should have, “judges a former ABN Amro banker, who asked to remain anonymous. He believes that the bank has done too little to employees, trade unions and MPs to take the decision, in short, has little to align with stakeholders. A surprising observation when one considers that the bank three former politicians (Salmon, Wine and Van Dijkhuizen) in the board.

Paved ratios

Since the minister Friday postponed the decision on the IPO, the proportions harden rapidly . The blame goes to the board of ABN Amro to the minister and back. Reputations damaged and that does not benefit ratios. And still need banking and Minister collaborate on the future. Then it is best to attract new people with untaxed past. Wakkie has already drawn that conclusion. The question is who follow.