Wouter Bos furious at ING's top pay deal
Dutch Finance Minister criticises the high pay and bonus packages worth over a EUR 1 million that is being offered to the new ING financial chief.THE HAGUE – Finance Minister Wouter Bos has slammed the pay and bonus package offered to the incoming financial chief of banking and insurance group ING.
The new chief financial officer Patrick Flynn is reported to be given 100,000 ING shares, currently worth EUR 400,000, on top of an annual salary of EUR 650,000.The shares can be cashed in from next year and may rise over the years, but ING has set a 1.3-million-euro ceiling on the shares cash.
Bos is furious that ING, which has received EUR 10 billion government bailout and EUR 22 billion in guarantees on its risky US mortgage portfolio, is now announcing another mega pay deal.
In an interview with the Financieele Dagblad, the finance minister says he is frustrated and angry at the golden hello package.
“I tired to do something about it, but it was not within my powers,” Bos was quoted as saying. In 2008, Bos had tried unsuccessfully to overturn the decision to hand out a golden handshake worth EUR 8 million to departing head of ABN Amro Nederland Jan Peter Schmittmann.
Within the next fortnight, Bos will be meeting top bankers in the Netherlands discuss their pay policies.
Radio Netherlands / Expatica