The six members of the ABN AMRO Managing Board have renounced the 100,000-euro allowance paid to them for 2014 as partial compensation for the loss of variable remuneration.
The Board states the following:
‘In the past few weeks, there has been public commotion over the fact that this allowance in addition to the fixed salary has been granted.
We understand and regret the turbulence that has arisen. The turbulence is detrimental to our clients, our employees and the public’s trust in ABN AMRO.
We were recruited after the nationalisation of ABN AMRO and Fortis Bank Nederland to merge, reorganise and prepare two severely damaged banks for an IPO. We have put our heart and soul into carrying out this job to the best of our ability.
The allowance was granted based on democratically enacted legislation. It complies with the letter and spirit of the law, is recorded in a shareholder's resolution, was granted in accordance with the Minister of Finance and was reported to the Dutch Parliament.
We appreciate the efforts of the Supervisory Board and the Chairman of the Managing Board to act as a good employer that adheres to its agreements.
However, 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. We hope this will bring the bank in calmer waters..
We hope that our commitment, together with that of all of ABN AMRO’s employees and stakeholders, will ensure a healthy future for the bank, which makes a positive and sustainable contribution to our society and the economy.’