New Fortis ABN Amro CEO’s pay upsets MPs

27th November 2008, Comments 0 comments

The Socialist Party says Gerrit Zalm's annual salary of EUR 750,000 excluding bonus is ridiculously high.

27 November 2008

THE NETHERLANDS –The newly-appointed CEO of Fortis/ABN Amro bank Gerrit Zalm will receive an annual salary of EUR 750,000 and a bonus.

Zalm, who was finance minister for 12 years, will receive a bonus that is dependent on how much profit is made in the next few years before the nationalised bank is put up for sale.

Zalm's salary is four times that of the 'Balkenende Norm' - the government guidelines on salaries for public servants. Zalm will be earning five times as much as the prime minister.  

Zalm’s salary and bonus have upset some people. In parliament, the Socialist Party said Zalm's salary was unacceptable, and accused Finance Minister Wouter Bos of setting a bad example.

Socialist Party leader Agnes Kant called the amount "unacceptable" and another MP said it was "ridiculously high".

The finance minister defended his decision and said Zalm's salary was "the lowest in the world for a director of a bank of that size".

Zalm, DBS Bank’s financial director, will start his new job in March; at present he still works as the financial director of DSB Bank.

[Radio Netherlands / Jacqueline Carver / Expatica]

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