None of the 50 companies listed on the AEX or MidKap exchanges meet the two banking codes of conduct on executive pay, according to research by the investors lobby group VEB.

In particular, companies fail to carry out a proper analysis of the conditions executives need to meet in order to qualify for different bonuses, the VEB said.
The VEB wants companies to publish the maximum bonus which executives can earn from three different scenarios: failing to meet targets, meeting targets and surpassing targets.
Surprise
This would mean shareholders would not be surprised by extra payouts, the VEB said.
Many companies have introduced a claw back clause, allowing them to reclaim bonuses if they were given on the basis of information which later turned out to be wrong.
On Tuesday, a new committee is due to report on corporate adherence to two earlier codes of conduct known as Tabaksblat and Frijns, the Financieele Dagblad says.