On 9 April 2010, the Dutch Ministry of Finance published a consultation on the implementation of the possibility to retrieve bonus payments from directors of a financial institution. Due to the credit crunch bonus payments have led to turmoil. The criticism was not only about the amounts, but also that these payments were made whilst the financial institutions were having severe financial problems. Some financial institutions even had to be backed by the Dutch State. The Dutch Ministry of Finance proposes to implement the possibility for the supervisory authority of a financial institution, such as the supervisory board (raad van commissarissen), to overrule the decision to make a bonus payment and retrieve the bonus payment or amend the amount of the bonus that was granted in case the payment was based on false (financial) information or if the payment cannot be justified on the basis of reasonableness and fairness.
Further information on the consultation on the implementation of the claw back possibility (in Dutch) can be found here on the website of the Dutch Ministry of Finance.
For further information please contact Floortje Nagelkerke in our Amsterdam office.