Shareholders: ING board responsible for money laundering and wage affair

A majority of ING shareholders did not relieve the bank's management on Tuesday of the potential liability for the money laundering affair and the remuneration discussion around top executive Ralph Hamers, the bank announced in a press release.


A majority of ING shareholders did not relieve the bank's management on Tuesday of the potential liability for the money laundering affair and the remuneration discussion around top executive Ralph Hamers, the bank announced in a press release.

It concerns 62 percent of the shareholders, reports the NOS . This majority did not grant so-called discharge to the current and former members of the Executive Board and the Supervisory Board during the annual shareholders' meeting.

The shareholders' meeting can stop the discharge if the board has not, fully or insufficiently, fulfilled its duties. The board is then liable. Stopping decharging is unusual.

In 2018, ING reached a settlement of 775 million euros with the Public Prosecution Service, because the bank took insufficient measures to combat money laundering.

In the same year, a big discussion about the reward of Hamers started. The Supervisory Board of ING wanted to increase it to more than 3 million euros, in the form of shares that Hamers would receive in addition to his fixed salary of 1.75 million euros. Due to fierce criticism, the bank finally decided to withdraw the salary proposal.

See also: ING withdraws controversial salary proposal from CEO Ralph Hamers

ref: nunl

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