ABN AMRO has reduced the salaries of the Management Group as from 1 January 2014.The cutbacks consist of a reduction in variable remuneration from 100% to 20%. To compensate for the 80% reduction in variable pay, the Management Group has received a 20% increase in the fixed part of their remuneration. However, despite the increase, their income will decline on balance by an average of between 5% and 10%. ABN AMRO has introduced this measure in anticipation of upcoming legislation.
The leading Dutch daily, Het Financieele Dagblad focuses on the 20% increase in the fixed part of the remuneration, giving the impression that the income of Management Group members will go up in 2014 – but this is not the case.