Renault F1 sponsor cuts bonuses
The head of the supervisory board at Dutch banking and insurance giant ING yesterday issued a "moral appeal" to senior employees to give up their 2008 bonuses after the firm received state aid. "This is a moral appeal," Jan Hommen told the newspaper De Volkskrant. "We are asking 1,200 of our highest-level employees to do without their bonuses for 2008." ING's estimated 40,000 employees received bonuses last year worth about ¤300-million (US$410-million), Mr. Hommen said. While it would be impossible to cancel all of them, group managers are prepared to give them up, he added. He said ING would distribute no bonuses this year, adding "a new salary policy," which would offer bonuses "if ING's overall results are positive," would be drafted early in 2010. Controversy erupted in the Netherlands after ING said it would offer its future finance director, Patrick Flynn, a package of 100,000 shares worth up to $1.3-million.