The managing board of Dutch bank, ABN Amro, have rejected the 100,000 EUR paid out last year to compensate them for the loss of bonuses. Public outcry at the fact tat this sum was issued alongside fixed salaries was cited as a reason for the renunciation as it causes unwanted issues amongst clients, employees and has also put a dent in the trust of the public. The bank released a statement saying: “Now that our remuneration is the subject of discussion and threatens to affect the future of ABN Amro, we are putting the interests of the bank and the public first – as we always do – and have decided to renounce the allowance.
During the financial crisis, the six-member board was appointed in order to prepare for IPO, two highly impaired banks – ABN Amro and Fortis Bank Nederland. The news of the pay-out has scuppered the Dutch government’s intentions to take the bank public in 2015.