Dutch finance minister Wopke Hoekstra is planning to take further measures to ensure bankers are not lured into making decisions based on short-term gains and to build up public trust in the financial services sector.

The new measures include requiring bankers who are partly paid in shares to keep them for at least five years and to force financial service firms to detail why high earners should be paid as much as they are.

The aim of the new rule on shares is to ‘limit short-term risks and bring the interests of staff and managers into line with the company’s long term interests,’ Hoekstra said in a briefing to MPs. The new rules will apply to all members of staff.

In his briefing, Hoekstra said that trust in the financial sector is low.

‘The recent rows about pay and about negligence in stopping money laundering have once again hurt confidence in the sector,’ the minister said, in reference to the recent scandals surrounding ING. Hoekstra also plans to further tighten up the rules covering exemptions to the 20% bonus ceiling.

Special role

‘The sector has to show that it takes its special role and responsibilities to society seriously,’ the minister said. ‘Financial institutions must serve their customers and society expertly and decently.’

The minister also reiterated plans to allow the salaries for senior bank officials to be clawed back, if the bank has to bailed out by the government.

The Council of State is currently assessing if such a move would be legal.