ABN AMRO response to newspaper article on bonuses
The Dutch financial daily Het Financieele Dagblad (FD) carried a headline on Thursday, 24 March stating that Dutch finance minister Jan Kees de Jager had stopped the payment of bonuses to the Managing Board of ABN AMRO. The Supervisory Board is in fact responsible for allocating the variable remuneration of the Managing Board. It was the Supervisory Board which decided that the Managing Board was not eligible for any variable bonuses in respect of the 2010 financial year. A key motivation for this was the principle that no profit means no variable remuneration. The suggestion created in the FD article that there was some kind of dispute on this issue with the Ministry of Finance is incorrect.
Source: abnamro.com