Mar 29, 2015 12:32 PM
ABN Amro directors renounce pay increase amid public outrage
The Associated Press
THE HAGUE, Netherlands (AP) ABN Amro board members are giving up a 100,000-euro ($110,000) pay increase after the Dutch government delayed a decision on selling the nationalized bank amid public outrage at the raise.
The directors said in a statement Sunday they made the decision "now that our remuneration is the subject of discussion and threatens to affect the future of ABN Amro."
The bank announced this month that most of its directors had received the pay increase to compensate for the fact that they were banned from receiving bonuses after the bank was nationalized in 2008.
Anger at the decision led Finance Minister Jeroen Dijsselbloem to announce Friday he was delaying selling the bank.
Dijsselbloem welcomed Sunday's decision, saying he would reconsider the sale after a parliamentary debate.