ING Supervisory Board withdraws remuneration proposal
13 Mars 2018 - 7:31AM
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
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stay a step ahead in life and in business. ING Bank's more than
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within the meaning of Article 7(1) to (4) of EU
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limitation: (1) changes in general economic conditions, in
particular economic conditions in ING's core markets,
(2) changes in performance of financial markets, including
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Union countries leaving the European Union or a break-up of the
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