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ARTICLE · 19 DECEMBER 2013

Online Consultation Launched On New Remuneration Rules For Financial Undertakings

De Brauw Blackstone Westbroek
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De Brauw Blackstone Westbroek

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The Dutch government is holding a public consultation until the end of December 2013 on proposed new rules concerning remuneration awarded by financial undertakings.

NetherlandsFinance and Banking
Francine Schlingmann
Francine Schlingmann
Joost Schutte
Joost Schutte
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The Dutch government is holding a public consultation until the end of December 2013 on proposed new rules concerning remuneration awarded by financial undertakings. Included in the proposed new rules is the 20% bonus cap that formed part of this government's coalition agreement.

The government's proposals will be incorporated in the Dutch Financial Markets Supervision Act and bring together new and existing remuneration rules. They will also implement provisions on remuneration set out in the Capital Requirements Directive IV ("CRD IV"). One of the new elements in the proposals is a 20% cap on bonuses. Financial undertakings may not award variable pay above 20% of the annual fixed remuneration. Restrictions are also imposed on severance payments. In line with existing codes, such as the Dutch Banking Code, severance payments for managing directors at all financial undertakings will be limited to 100% of the annual fixed remuneration. In certain situations, financial

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