The chief executive of energy company Delta is leaving with an €800,000 pay-off after shareholders refused to give him a €120,000 pay rise, according to local broadcaster Omroep Zeeland.

Arnoud Kamerbeek had insisted on the rise, which would have taken his salary to over €500,000 a year, and it had been approved by the supervisory board.

However, Delta is owned by the province of Zeeland and 13 local councils. They argued that the pay rise is irresponsible because Delta has been in financial trouble and staff salaries have been more or less frozen.

However, the shareholders said they had little choice but to pay the €800,000 golden handshake because of contractual obligations. Kamerbeek joined Delta as CEO two years ago.