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ABN Amro management waive bonuses
30 Mar 2015 08:08
The Netherlands will reconsider selling ABN Amro after senior managers agreed to give up a controversial pay rise that had stalled progress on its proposed share listing.
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In the face of a widespread public outcry, the managers said they would give up raises of €100,000, which had been approved by the supervisory board for six members of the managing board, all but chief executive Gerrit Zalm.
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Lawmakers, who must approve an initial public offering, had decried the raises as evidence that the bank's management culture was still flawed.
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Finance minister Jeroen Dijsselbloem said on Friday he would delay privatisation until questions over the increase were resolved.
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Thousands of bank employees had lost their jobs after the bank's 2008 nationalisation, which cost taxpayers billions of euros. Last year the union representing workers at the bank agreed to a two-year freeze on salaries. Mr Zalm, who did not get a raise, said managers' annual base salary was increased after a law had limited bonuses in the financial sector to 20%.
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In a statement yesterday, the managers said they were "putting the interests of the bank and the public first".
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"Now that our remuneration is the subject of discussion and threatens to affect the future of ABN Amro ... (we) have decided to renounce the allowance," the managers wrote.
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Mr Dijsselbloem quickly responded that he "welcomed the step".
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