Articles

Bonus Prohibition Bill-Update

Bonus Prohibition Bill-Update

Bonus Prohibition Bill-Update

17.02.2012 NL law

1.  Bonus Prohibition Bill - Update

On Tuesday 14 February 2012, the Lower House (Tweede Kamer) adopted the Bill on the limitation of liability of the DNB and the AFM and the introduction of a bonus prohibition for State supported institutions, including several amendments.

Current status
The modified Bill in which the adopted amendments have been incorporated will now be sent to the Senate (Eerste Kamer). The date on which the Bill will enter into force is not yet known, but this is expected to happen shortly.

Key changes to the Bill
On 6 and 7 February 2012, six amendments have been discussed in the Lower House. As a result of the adoption of the amendments the Bill now has a wider scope. Please click here to view the modified Bill including the explanatory notes to the amendments.
 
Managing directors or policymakers
One amendment extended the scope of the Bill to persons who determine the day-to-day policy (dagelijks beleidsbepalers) of the financial institution instead of limiting it to formal board members (bestuurders) only. This amendment however only applies to financial institutions that received or will receive state support after 7 February 2012. For financial institutions that received state support prior to this date the prohibition only applies to 'managing directors' instead of 'policy makers'.

State participations
The scope of the bonus prohibition is also extended to financial institutions that do not receive state support within the meaning of section 107 of the EU Treaty, but which are directly or indirectly held by the Dutch State.

20 percent increase
Discussions have taken place on the question whether a one-time increase of the fixed salary of managing directors should be allowed. The Bill now provides for a possibility of a maximum increase of the fixed salary of 20 percent on an individual basis during the period as from 26 October 2011 up to the date the Bill becomes law, provided that this increase is subject to all other restrictions that may apply with respect to executive compensation. During the debate, the Minister has mentioned that the maximum increase is appropriate and fits in the context of the Bill.

We also refer to our December alert in relation to the extension of the scope of the Bill to Dutch subsidiaries of foreign financial institutions that have received state support within the meaning of section 107 of the EU Treaty.

For more information, please do not hesitate to contact us. Obviously, we shall keep you posted of any relevant developments.

Team

Related news

09.01.2020 NL law
Competition rules and globalisation to face off in 2020

Short Reads - 2020 will likely revolve around the question whether competition rules should yield to globalisation and digitisation, with suggestions ranging from mere tweaks to competition rules to complementary regulation. Greater cooperation across data protection, consumer protection and competition law appears inevitable. Speedier solutions in more informal settings may become a reality, alongside more frequent use of behavioural remedies.

Read more

09.01.2020 NL law
Deleting WhatsApp chats during dawn raids may cost you dearly

Short Reads - Companies should be aware that the Dutch competition authority (ACM) will not only examine electronic records and emails, but can also check WhatsApp messages during dawn raids. The ACM recently imposed a fine of EUR 1.84 million on a company for non-cooperation with a dawn raid; its highest fine so far for non-cooperation. Several of the company’s employees had left WhatsApp groups and deleted chats before handing over their mobile phones for inspection.

Read more

09.01.2020 BE law
Stibbe announces new Counsel and Of Counsel appointments

Inside Stibbe - Brussels, 9 January 2020 – The Brussels office of Stibbe has promoted Delphine Gillet (EU/Competition), Jan Proesmans (Employment, Benefits, and Pensions) and Sophie Bourgois (Dispute Resolution) to Counsel and Elisabeth Baeyens (Dispute Resolution) to Of Counsel. The new appointments have taken effect on 1 January 2020.

Read more

09.01.2020 NL law
Access to the file in Dutch competition procedures: too little too late?

Short Reads - Companies beware: the ACM’s and European Commission’s approach to access to the file are not aligned. According to an interim relief judge, the ACM cannot be forced to grant a company access to a broader set of documents in competition procedures. A potential error in the administrative procedure can be remedied before a court at a later stage. This is different to the right to access to the Commission’s file during administrative procedures, as acknowledged in EU case law.

Read more

09.01.2020 BE law
Stibbe benoemt nieuwe Counsels en Of Counsel

Inside Stibbe - Brussel, 9 januari 2020 – Het Brusselse kantoor van Stibbe benoemt Delphine Gillet (EU-recht en mededingingsrecht), Jan Proesmans (arbeids- en pensioenrecht) en Sophie Bourgois (geschillenbeslechting) tot Counsel en Elisabeth Baeyens (geschillenbeslechting) tot Of Counsel. De nieuwe benoemingen gaan in vanaf 1 januari 2020.

Read more

Our website uses functional cookies for the functioning of the website and analytic cookies that enable us to generate aggregated visitor data. We also use other cookies, such as third party tracking cookies - please indicate whether you agree to the use of these other cookies:

Privacy – en cookieverklaring