Unions have reacted angrily to the news that ABN Amro’s management and supervisory board members will get much bigger pay packets if the bank is taken over by Barclays.
The information on directors’ pay is contained in documents made available to the US financial sector watchdog, the SEC.
The documents show that Arthur Martinez, current chairman of the supervisory board, will see his pay go up from €113,000 to €1.3m if he becomes non-executive chairman of a single-tiered board.
Huibert Boumeester, number two in the management board, will get €900,000, almost €300,000 more than he currently earns, plus bonuses of up to €2.5m. Other supervisory board members will see their salaries double to up to €170,000 a year.
‘This would seem to indicate a conflict of interest,’ CNV union official Achmed Kansouh said.
Barclays has offered a largely share based €67bn for ABN Amro and wants to keep the group intact. The rival offer of €71bn from a consortium of three banks is largely cash-based. The consortium wants to split up the ABN Amro group.
On Monday, ABN Amro withdrew its official backing for the Barclays bid. However, CEO Rijkman Groenink said later at a news conference that a takeover by the consortium – made up of Royal Bank of Scotland, Fortis and Santander – would bring considerable risks and that the board still preferred the Barclays offer.
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