Failing bosses must pay back bonuses

Finance minister Wouter Bos plans to make sure that senior managers at banks and insurance companies who under-perform will be forced to pay back their bonuses, reports Thursday’s AD newspaper.

‘If the financial services sector does not make an agreement on this itself, then we will have to regulate it by law,’ Bos reportedly told MPs on Wednesday night.
He wants the Dutch central bank to monitor whether bonuses are appropriate or not, the AD said.
The minister’s statement follows news that Herman Verwilst, ex CEO of the troubled financial services group Fortis, is entitled to a pay-off of €5m after just 78 days in the job.
MPs have also called on the government to guarantee all savers’ cash if the bank looking after their money goes bankrupt. At present the guarantee only applies to savings of up to €38,000.