Saturday 28 November 2020

ING to maintain top tier bonus system for another five years

Financial services group ING said it will continue its bonus programme for the top 1% of its staff who are eligible for an annual bonus of up to 200% of their salary, the NRC  reported on Friday.

ING is to submit the bonus regulation, designed for its executives outside Europe, for approval at its annual shareholders’ meeting in May.

The proposal is an exception because executive bonuses in Dutch banks are limited to 20% of annual pay, a measure put in place after the financial crisis. Bonuses of up to 100% can be awarded to bank staff working in other European countries and this is extended to 200% for those who work outside Europe.

ING is the largest bank in the Netherlands employing some 52,000 in 45 countries. About 520 executives, all stationed outside Europe, are eligible for the top 200% bonus, ING said.

In its annual report, ING said the bonuses were necessary to maintain the bank’s competitive position. ING operates in areas outside Europe where there is a lot of American and Asian competition and these banks have less stringent bonus regulations, ING said.

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