ING Supervisory Board withdraws remuneration proposal
13 Mars 2018 - 7:30AM
The ING Group Supervisory Board has taken notice
of the reactions of many Dutch stakeholders following the proposal
to amend the Executive Board remuneration policy as explained in
the Annual Report 2017. In light of this, the Supervisory Board has
reconsidered the proposal and has decided to not put it up for a
vote at the Annual General Meeting.
"Over the past days, many customers, employees and
other stakeholders have expressed their opinion to us," commented
Jeroen van der Veer, chairman of ING's Supervisory Board. "We as
Supervisory Board are responsible for this proposal and regret the
commotion caused by it. We realise we have underestimated the
public response in the Netherlands on this clearly sensitive
matter. To prevent an ongoing public discussion damaging ING and
its employees, the Supervisory Board has reconsidered its proposal.
To fulfil our duty to act in ING's long-term interests the
Supervisory Board will carefully assess how it can develop a
sustainable and competitive remuneration policy going forward."
As published in the ING Group Integrated Annual
Report 2017, the Supervisory Board proposed to amend the Executive
Board remuneration policy to bring the remuneration for the CEO
more in line with an adjusted median of European companies. In
order to further align remuneration with long-term value creation,
the proposal included the introduction of 'fixed shares' with a
five year retention period as well as a minimum shareholding
requirement. As a consequence of the reconsideration by the
Supervisory Board, the proposal (agenda item 6) will not be put up
for a vote at the Annual General Meeting scheduled for 23 April
2018.
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ING PROFILE
ING is a global financial institution with a strong European base,
offering banking services through its operating company ING Bank.
The purpose of ING Bank is empowering people to stay a step ahead
in life and in business. ING Bank's more than 51,000 employees
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