Essent boss bows to pressure over salary

21st April 2005, Comments 0 comments

21 April 2005AMSTERDAM — In a bid to end the very public wrangle about the size of his salary, Michiel Boersma has agreed to give half his EUR 161,000 bonus he earned as boss of utility Essent to charity.

21 April 2005

AMSTERDAM — In a bid to end the very public wrangle about the size of his salary, Michiel Boersma has agreed to give half his EUR 161,000 bonus he earned as boss of utility Essent to charity.

"In this way I take my moral responsibility and I hope that we can again look to the future," Boersma told a shareholders meeting in Den Bosch on Thursday. His commitment to give half his bonus for 2004 to charity was met with applause.

A majority of the shareholders — provincial and municipal councils — indicated earlier on Thursday that Boersma's salary was "unacceptable". He earned EUR 821,000 last year, including the bonus.

The shareholders hope to have worked out a new proposal for executive salaries by the summer.

"We must bring the remuneration back to a level acceptable to society as quickly as possible," Piet Jansen, the representative for Overijssel province, told the meeting.

The representative for Noord-Brabant province said there should be no room in future for long-term bonuses for Essent's top executives. Other shareholders said bonuses should be linked to customer satisfaction.

Trade union AbvaKabo was also represented at the meeting and indicated it would take legal action if Boersma's earnings were not reduced.

[Copyright Expatica News 2005]

Subject: Dutch news

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