ING to present new pay policy early March

Monday 25 January 2010

Banking group ING is to present its new policy on pay and bonuses at the beginning of March at the latest, CEO Jan Hommen told a government committee on Monday.

Hommen was appearing before the De Wit commission which is investigating the causes and effect of the economic crisis.

Hommen said ING's new pay structure for Dutch personnel would be in line with that operated by nationalised bank ABN Amro. Last week finance minister Wouter Bos said bonuses payable to 100 ABN Amro and Fortis senior managers would be maximised at the equivalent of one year's salary.

However, a different regime would apply to international staff, news agency ANP quoted Hommen as saying. The new policy would focus on long-term performance and bonus repayment if targets are not met, he said.

It is unavoidable that ING is more generous internationally because of the competition, he said. 'The Netherlands cannot pick a rewards policy for the whole world,' ANP quoted him as saying.

Hommen told the commission that a 'substantial number' of senior staff had heeded his 'moral appeal' last year for them to pay back their 2008 bonuses.

© DutchNews.nl

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