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ING refuses to double the salary of its first executive

Ralph Hamer charged 1.5 million annuals, but the Dutch banking group says he earned less than his European colleagues

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ING refuses to double the salary of its first executive

The banking group and securing Dutch ING has withdrawn proposal to double salary of Ralph Hamer, its executive director. The number of 3 million euros per annum to be collected will not even be analyzed during shareholders ' meeting to be held in April.

"We have underestimated effect of public rejection generated by this increase," said Jeroen van der Veer, its president. Prior to his apology, Triodes Bank and ASN Bank, two competing entities, had already received new customers-although y do not say how many-who had been discharged from ING. This bank had to be rescued by Dutch state during financial crisis of 2008 , but it managed to return 10 billion euros received n in 2014, six months before stipulations. The salary of 1.5 million, even that of three million, is below its European colleagues with similar-sized entities. The first executives of Santander, BBVA, CaixaBank and Sabadell win over 1.5 million.

The wage increase had also been criticized by Parliament, and finance minister, Wopke Hoekstra, who asked company to change plans on Monday. ING currently has about eight million private customers and anor 660,000 of company, and political repulso arrives on eve of municipal elections next April 21.

The current Dutch coalition is center-right, but no party wants to give impression that it ignores citizen sensitivity to such a hefty salary. A good rmometer of what average citizen felt has been movement recorded by Web Eerlijk Bankwijzer. The name could be translated as an indicator of good banking practices and promoted, among ors, OXFAM, Amnesty International and National majority Union. Since it was known that Ralph Hamer would charge three million euros, its visitors have increased "from 200 daily to 14,000". His accountant has also been filled with complaints against ING, "who have arrived at 1,500", according to ir spokespersons.

More information
  • ING will dismiss 2,775 employees in Nerlands in next three years
  • ING returns to Dutch state last 1.25 billion of rescue
  • ING will return all money from your rescue this year
"Win like a second"

ING's Board of Directors has presented it in a different way. He says that original 1.5 million euros he charged "were much less than what his European colleagues earned in similar positions." "Hamer, plays in first Division, but wins as if he were in second," said Van der Veer, rotary Financieel Dagblad, to justify wage rise, which would seek not to lose talent of executive. He also called for "understanding" to rest of group's staff, which last September received a 1.7% wage increase after agreement closed in collective agreement.

Since 2008 and after effects of crisis, several Dutch governments have tried to contain wage increases of large bank executives. Bonuses, for example, cannot exceed 20% of base salary. But this time, although economic climate is different, executive was looking for a way to prevent by law increases in this class. "Because ING is not a cookie factory; It is a major bank and trust is essential in sector, "said Minister Hoekstra.

Dutch Prime Minister Mark Rutte welcomed decision of ING group and Dutch finance minister, Wopke Hoekstra, said that this is " only right decision" after this scandal, which began last weekend. From Parliament, GroenLinks Greens branded this last decision of bank as "a very important victory" although in general y ask to introduce more stringent legislation for remuneration in financial sector.

The Dutch economist Ralph Hamer works in ING since 1991 and is executive director since 2013.


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