Nuon shareholders protest at 70% salary rise for CEO

Gelderland, Noord-Holland and Friesland provinces and the city of Amsterdam oppose plans by energy company Nuon to pay CEO Huib Morelisse a basic salary of €750,000.

Nuon is 49% owned by Swedish state-owned energy giant Vattenfall which is banned from paying bonuses under Swedish law – hence the decision to increase Morelisse’s basic salary by 70%.
Gelderland, which owns 23% of Nuon, and the other provinces say as shareholders they should have been consulted about the agreement.
Nuon’s AGM takes place on Friday.
Vattenfall bought 49% of Nuon in 2009 and will take over the remaining 51% by 2015.
The NRC points out that the protests by the provinces have a purely symbolic nature.

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