Proposed Ban On Bonuses Extended To Apply To State-Aided Groups

The Minister of Finance has published an amendment to the bill introducing a ban on bonuses at state-aided financial institutions. Under the bill, directors of these institutions may not receive variable remuneration and their fixed remuneration may not be changed while the institution is receiving state aid. Under the new amendment this ban also applies where the aid is provided to a group which itself cannot be qualified as a financial enterprise. It makes no difference whether the aid is provided to the group as a whole or to one or more specific parts of the group. If the group company heading the group has its seat abroad, the ban will be directed at the group company heading the Dutch activities of the group.