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ING's supervisory board scraps plan to hike CEO pay

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ING's supervisory board scraps plan to hike CEO pay

The supervisory board of Dutch financial services company ING Groep NV has abolished plans to increase pay for CEO Ralph Hamers and other executives following opposition from politicians and the public in the Netherlands.

"We as [the] supervisory board are responsible for this proposal and regret the commotion caused by it. We realize we have underestimated the public response in the Netherlands on this clearly sensitive matter," Chairman Jeroen van der Veer said.

The supervisory board reconsidered the proposal to "prevent an ongoing public discussion damaging ING and its employees," van de Veer also said, adding that the board will work on a more "sustainable and competitive" remuneration policy in the future.

The group's shareholders were supposed to vote on the proposal at their April 23 annual general meeting.

Earlier, Dutch Finance Minister Wopke Hoekstra said the government was considering ways to block the proposed 50% pay increase for Hamers, Reuters reported, noting that the issue has become a key theme ahead of the country's March 21 municipal elections.