More action pledged on corporate bonuses

Finance minister Wouter Bos is to make it possible for supervisory boards to recall performance-related bonuses if it turns out they were awarded on the basis of the wrong financial information, news agency ANP reports.

Boards will also be given more discretion to reduce or increase bonuses, ANP says.
Bos again denied on Thursday that he had failed in his efforts to tackle the bonus culture at financial institutions. ‘Those who fail are the bankers who make these demands,’ ANP reported him as saying.
‘They have to realise that there is no support for this in the Netherlands and the damage it is doing. I cannot take responsibility for things which I am not responsible for, no matter how much I would like to,’ the finance minister said.
Earlier in the day Bos had been highly critical of golden handshakes of €772,000 and €591,000 paid to departing members of the central bank’s management board. Although he was ‘unbelievably opposed’, Bos said legally there was nothing he could do because the deal was made years ago.
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