New legislation is on its way in the autumn which will limit bonuses in financial service companies, finance minister Jeroen Dijsselbloem has told parliament.

‘There must be an end to excessive bonuses in the financial sector,’ Dijsselbloem said in a briefing. ‘I will brief parliament after the summer recess on the outline of the remuneration policy law… A 20% ceiling on bonuses will be part of that.’

A restriction in financial sector bonuses was included in the coalition agreement.

Robeco

Dijsselbloem was answering MPs’ questions about the €33m in bonuses paid to Robeco executives as part of the takeover by Japanese compay Orix. The payments were approved by the central bank, even though they break the banking code of conduct.

Dijsselbloem said despite the central bank’s justification for approving the bonuses, he considered them to be excessive and not in the ‘spirit of the times’.

‘I am not convinced such bonuses are necessary to retain key staff in these times of economic crisis,’ he said.

Earlier stories
Robeco bonuses break rules, says central bank as it approves them
Financial sector angry at transaction tax, bonus plans
Minister to fix public sector bonuses at 20%

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Robeco bonuses don’t add up