ING boss scraps bonuses, underestimated public feeling

ING CEO Jan Hommen and the other executive board members will not get a bonus over 2010 after all, Hommen says in a letter to Tuesday’s Volkskrant.

Last week it emerged Hommen would get a bonus of €1.25m on top of his salary of €1.35m plus a 2% pay rise – a decision which led to a storm of criticism from MPs, unions and bank customers.
There was renewed anger when it emerged ING pensions were being frozen for the second year in a row.
‘I am very sorry to note that the performance related bonuses for the board over 2010 threaten to damage the recovering confidence from customers and the general public,’ Hommen said in his letter.
He and his fellow board members ‘had underestimated the signal’ that these bonuses would give society at large.
The financial service group chief will now only be eligible for a bonus once the remaining €5bn in state aid has been repaid, Hommen said.
Finance minister Jan Kees de Jager is planning to stop banks which have had state aid from paying bonuses to senior staff until the debt has been cleared.

Related links

ING bonus bonanza in line with code
No bonus for ABN Amro bosses
Anger over ING bonuses

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