Shareholders also criticize ING's scrapped plan for CEO's massive pay raise

ING faced a storm of criticism and questions at its shareholders' meeting on Monday about the bank's, now scrapped, plan to increase CEO Ralph Hamers' salary by 50 percent to 3 million euros per year, ANP reports.

Political party SP, which owns four shares in ING, was present at the meeting in large numbers. Party leader Lilian Marijnissen used the opportunity to call for the bank's executives to fall under the collective bargaining agreement. The party also held a sort of alternative shareholders' meeting outside the building, where other employees like cleaners could tell their story.

Pension provider PGGM, the investor of billions of euros of Dutch pension money, also criticized the increase. PGGM demanded that ING now hold comprehensive consultation on the bank's remuneration policy.

Private shareholders also had various questions and criticisms for the bank's directors and supervisory directors. Hen Beukink, the director responsible for remuneration, expressed regret about the issue and the controversy it caused, according to the news wire.

On Monday Jeroen van der Veer, president of ING's board of directors, reiterated a statement previously made to parliament - that he underestimated the commotion this proposed wage hike would cause. He also reiterated that ING must be internationally competitive with its remuneration policy.