The managing board of Dutch bank ABN Amro have renounced a six figure bonus after a 'public commotion' erupted.
The board issued a public statement, commenting: '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'.
The six members of the board were due to receive a €100,000 bonus as partial compensation for losing the option of variable remuneration.
However, citing a 'public commotion' as arising as a result of being awarded the bonus on top of their fixed salaries, the board stated: 'we understand and regret the turbulence that has arisen [which] is detrimental to our clients, our employees and the public's trust in ABN AMRO.'
The board added that they as members had been appointed after the nationalisation of ABN AMRO and Fortis Bank Nederland to merge, reorganise and prepare two severely damaged banks for an IPO, stating that they had put their heart and soul into carrying out this job to the best of their ability.
Stating the allowance was granted based on democratically enacted legislation and complied with the letter of the law, the board concluded by saying that it hopes their 'commitment, together with that of all of ABN AMRO's employees and stakeholders, will ensure a healthy future for the bank'.
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