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Nationalised banks ABN Amro and Fortis are to maximise the bonuses payable to 100 senior managers at the equivalent of one year’s salary, finance miniser Wouter Bos told MPs on Tuesday.
The move brings the banks, which are in the process of being merged, closer into line with the banking sector code of conduct that came into effect on January 1.
Management board pay packages have also been reduced to about 65% of what they were before the bank was nationalised, Bos said in his note to parliament. Board members have a basic salary of €600,000 a year with a variable bonus of up to 60% of that – if they ‘far surpass’ their targets.
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