100,000 shares for new ING CFO

ING’s new CFO, Patrick Flynn, will receive 100,000 shares on taking up the post in addition to a salary of €650,000, reports news agency AFN quoting the agenda for the shareholders meeting on April 27.

The shares are currently worth €400,000, AFN says.
Shareholders will vote on the appointment of the 48-year-old Flynn at the April meeting.
News agency ANP quotes finance minister Wouter Bos as saying the share bonus will ‘further damage’ the reputation of the financial services sector.
Bos, who has put some €10bn into propping up ING and agreed to guarantee 80% of the group’s risky mortgage portfolio in the US, said he hoped that ING’s new salary system to be introduced next year will end such practises.
ING has nominated Shell CEO Jeroen van der Veer for a place on its supervisory board, the Financieele Dagblad said on Thursday.
This follows the appointment in January of supervisory board chairman Jan Hommen as CEO. His place has been taken by former DSM CEO Peter Elverding.
The supervisory board will further be strengthened by economist Tineke Bahlmann who has been nominated by the Dutch government, says the Financieele Dagblad.
Meanwhile the NRC reports that ING management saw their salaries half in 2008, mainly due to the non-payment of bonuses.

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