Green party aims to block ING CEO’s mega salary increase

GroenLinks wants to block a massive salary increase for ING CEO Mark Hamers with a legislative amendment. Party leader Jesse Klaver hopes to pass this law through parliament and the Senate as quickly as possible, so that it can be submitted to the Council of State for urgent advice this week. ING shareholders will discuss the proposed increase on April 23rd, ANP reports.

The amendment will change the current Law on remuneration policy for financial enterprises - the same law that limits bankers' bonuses to 20 percent of fixed salary. If the change is made, salary increases for directors of major banks will have to first be submitted to the Minister of Finance for approval. The change must also close the shortcut through which the fixed part of bankers' salaries can be paid in, for example, share packages.

On television program Buitenhof on Sunday, Klaver made an urgent appeal of the other parties to support his plan. "It can not stay at just indignation. You must also take step two", he said. He acknowledged that tackling the salaries of top bankers is an "unprecedented" step. But pointed out that Prime Minister Mark Rutte also considers ING a sort of semi-government institution, because tax payers have to help out if such a major bank gets into trouble.

Rutte himself does not think it necessary to take measures against ING because of the "excessive" pay raise for Hamers, according to ANP. He would rather pressure the bank itself.