Bonuses for senior executives at financial services company ING are to be limited to 100% of their fixed salaries, in line with the new banking code of conduct, CEO Jan Hommen said on Wednesday.

Hommen’s own salary will be frozen at €1.35m, meaning an effective pay cut of 40% if he meets targets, the Financieele Dagblad said.
Other board members will get a 13% rise in their fixed pay, taking it to €750,000.
The bonus pool for ING staff will total €330m for 2009, the same level as the previous year. But workers will receive an additional €190m in shares to reflect the company’s improved performance and financial position.
The total package is much lower than in similar European financial concerns, Hommen told reporters.
Trade union CNV told news agency ANP it was sorry ING had decided to compensate for bonus cuts by giving senior staff higher salaries.