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Home Dutch News Minister tackles energy firm over CEO’s bonus

Minister tackles energy firm over CEO’s bonus

Published on 16/05/2006

16 May 2006

AMSTERDAM — Economic Affairs Minister Laurens Jan Brinkhorst has written to the management of utility and cable company Essent about the bonus for CEO Michiel Boersma.

It was reported this week that Boersma can earn a long-term bonus of about one million euros on top of his normal salary. The CEO has been at the centre of criticism for some time because of his salary of nearly EUR 800,000.

Brinkhorst told parliament on Tuesday that the salary and bonus are “exceptionally high” and he was informing Essent’s board of this view.

The Minister said it was a “double provocation” the company is going ahead with the bonus system despite previous outcries about the salaries paid to its top managers. 

The chairman of Essent’s supervisory board wrote to Brinkhorst previously to explain the company’s remuneration system. But Brinkhorst told MPs the long-term bonus scheme was not mentioned in that letter.

Last year Boersma agreed to give half his EUR 161,000 bonus to charity to end a wrangle about his earnings.

[Copyright Expatica News + ANP 2006]

Subject: Dutch news