Finance minister summons banks on pay

Finance minister Wouter Bos is to hold a meeting with all the country´s top bankers within two weeks to discuss salary policy, the Financieele Dagblad reports on Friday.

The meeting follows anger about the 100,000 shares being given to ING´s new chief financial officer Patrick Flynn, on top of a salary of €650,000. The shares, currently worth €400,000, can be cashed in from next year.
Bos said he shared everyone´s ‘frustration and anger´ at the golden hello. ‘I tried to do something about it, but it was not within my powers,´ he told the paper. ING has had €10bn in a government bail out plus €22bn in guarantees on its risky US mortgage portfolio.
The FD says Bos also tried to persuade the bank not to take on Flynn, who was previously with HSBC. Shareholders will vote on his appointment at April´s AGM
Last year, Bos tried and failed to have an €8m golden handshake for departing head of ABN Amro Nederland Jan Peter Schmittmann overturned, the FD points out.

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