Fortis senior staff get bonus ‘bribe’

Fortis Bank Nederland, the Dutch arm of the Fortis financial group that was nationalised more than three weeks ago, has awarded dozens of bonuses to senior management without first seeking approval from the finance ministry, the Volkskrant reports.


Blocking bonuses to management has been a key element of government rescue packages for troubled banks.
The awards were made shortly after the bank was nationalised and were designed to stop talented managers jumping ship, Fortis Bank said. It added that the bonuses involved ‘modest sums’.
Nevertheless, the bank decided yesterday to send the bonus proposals to the finance ministry for approval.
On Wednesday it emerged that Gilbert Mittler, who was CFO of Fortis during the takeover of ABN Amro, received a €4m golden handshake when he left the firm.
‘Completely scandalous, unacceptable,’ Belgium’s prime minister Yves Leterme is reported by the Telegraaf as saying. The takeover of ABN Amro helped create Fortis’ financial problems, which led to its breakup.

Thank you for donating to DutchNews.nl.

We could not provide the Dutch News service, and keep it free of charge, without the generous support of our readers. Your donations allow us to report on issues you tell us matter, and provide you with a summary of the most important Dutch news each day.

Make a donation