CEO salary proposal withdrawn…
There has been a bit of an uproar in the Netherlands, with ING, as they proposed to double Ralph Hammers (CEO) salary. This acquaints to him earning almost 3 million euros a year. That’s crazy talk.
CEO’s everywhere right now… for now!
HOWEVER, it seems as if ING have come to their senses, as they have revoked this salary increase (bet Ralph isn’t happy). This is because the public was not happy about the proposal, which is understandable when the banking crisis happens and they reward CEOs with a LOT of our money. Some people even switched banks because of these proposals and that certainly got ING noticing. The Minister of Finance also had to call up ING and get them to revoke their proposal because of this anger.
It’s not all bad news for the CEO. He’s still getting a pay rise – along with other ING employees – just not 50% more… still a nice sum though (likely the average Dutch wage equivalent).
Staying ‘competitive’ with other banks
Apparently, this all went down because ING needs to stay competitive with other banks and businesses. (Yes, another crazy scenario with most banks giving bonuses left, right and center). Apart from kicking up a fuss, there is not much else we can do if the company is privatised, which it is. However, it appears in this case, that kicking up a fuss is enough to get them to stop their crazy bonuses.
Don’t worry NL, it’s not much better in London. We get angry about it too. Stuff sometimes gets done about it. We feel you.
What do you think about the ING salary proposals? Too much? Or are we being unfair? Let us know in the comments! Also don’t forget to join our Facebook group… it’s good, I promise 😉