Two draft bills have been consolidated into one bill providing for revision and claw back of executive bonuses. The bill covers directors of public limited liability companies (NVs) as well as directors of financial institutions, including banks, insurers, and investment companies. In financial institutions, the new rules address not only directors but the wider group of day-to-day policymakers. In addition, the bill introduces an expertise requirement for members of supervisory bodies of financial enterprises. By way of transition, the bill proposes for the first four years after its effective date not to apply an expertise test to acting members of supervisory bodies.
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Bill on claw back of bonuses submitted to parliament
- De Brauw Blackstone Westbroek
- Harm-Jan de Kluiver and Martin van Olffen
- Netherlands
- October 11 2010
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Audrey E Mross
Labor & Employment Attorney
Munck Carter LLP