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Instead, ING will now compare the pay for the top with that of six large Dutch companies, including the globally much smaller ABN Amro and Rabobank, according to the bank’s annual report published Thursday. In addition, ING is looking at what is being earned at six banks in the eurozone of a similar size.
ING claims to have made this decision after long consultations with various parties, from regulators to shareholders, trade unions and customers. Two years ago ING received a storm of criticism after a plan to align the salary of top executive Ralph Hamers with that of other large listed companies in Europe.
For many Dutch customers, however, the new annual salary of around € 3 million went wrong. The plan was eventually canceled within a week.
At ING, the highest boss now continues to earn around 1.75 million a year, with the chance of a variable remuneration of 20% of this fixed salary. CEO Hamers is leaving ING later this year. He switches to the Swiss UBS, where the pay for the top is four times higher.
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