Telecom company KPN reduced bonuses to its board members sharply in 2011, according to its annual report presented on Tuesday.

CEO Eelco Blok received a basic salary of €767,000 and an annual bonus of €198,000 for achieving short-term goals. He also received a long-term share packet worth €1.09m.
His predecessor, Ad Scheepbouwer, received a much higher basic salary and an annual bonus of €1.3m in 2010, reports the Telegraaf. The two men received comparable long-term share bonuses.
According to KPN, the lower bonus for Blok is based on the company not realising some of its short-term goals. It is also due to a move towards a bonus system based less on the short-term and more on the long-term.