No to pay increase for directors of Belfius Bank

The chairman and non-executive directors of Belfius Bank will not receive any increase in their remunerations. The bank, which is owned by the Belgian state, had proposed a 10% increase. The government is of the opinion that "it’s not urgent", especially as it does not benefit from “sufficient support among the population”, announced the cabinet of the Minister of Finance, Johan Van Overtveldt (N-VA), on Saturday.

In the convening of its general meeting next week, Belfius says that it wants to restore the remuneration of the chairman and non-executive directors to the level of early 2012.

Belfius stresses that the government appointed independent directors in 2012 after the nationalization of Dexia Bank Belgium (end of 2011) and fixed their remuneration.

In 2013, under the bank's restructuring plan, the Board of Directors decided to temporarily reduce the remuneration by 10%.

For years, the amount of these remunerations remained below that which had been concluded with the government, explains Belfius. The bank therefore proposed "to the general assembly to restore the remuneration to the initial level, concluded in 2012 , given the efforts made and the importance of maintaining and attracting good directors ".

The government does not endorse the increase and will instruct the Federal Holding and Investment Company (SFPI), which manages the government’s shareholdings, not to approve this point at the general meeting on 25 April.

The Brussels Times

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