|Salary & Bonus||Compensation|
Monday March 28,2011,
Noticed during ING’s annual report presentation on March 17, the increase in compensation (2%) and especially the 2010 bonuses (roughly one year’s salary) of the board members have aroused great protest movements in Holland.
People were unanimously outraged. Recall that ING has received support from the Dutch government as result of the financial crisis and the loan is not totally repaid. Customers took part in an online campaign and threatened to withdraw deposits from the bank
Under pressure, the members of the board have agreed to waive the bonuses and increases in compensation. In a letter to approximately 300 000 people amongst the wealthiest clients, the board has given some explanations and has admitted: "We have underestimated the signal we sent to you, to society and to political class."
Jan Hommen, chairman of ING also said "I am very sorry to note that the performance-related bonuses for the board over 2010 threaten to damage the recovering confidence from customers and the general public". The Netherlands authorities are planning to push for a law that would ensure that no bonuses are paid to executives at institutions that received state aid as a result of the financial crisis