On 17 July 2018, the Dutch Minister of Finance (the Minister) published a consultation document regarding potential additional remuneration restrictions within the financial sector (the Consultation Document). The purpose of these restrictions is to contribute to the recovery of trust within the financial sector.
The Consultation Document invites market participants to provide their input on the following three statutory obligations that are being considered:
- to claw back part of the fixed remuneration of directors when state aid (staatssteun) is provided to banks (or insurers);
- that fixed remuneration of which the amount depends on market value of the financial institution (such as shares) should be hold for a to be specified amount of years; and
- that the remuneration policy of financial institutions need to prescribe how the remuneration policy relates to the social function of that institution.
The consultation period will end on 31 August 2018.
View the Consultation Document (Dutch only), 17 July 2018.