Remuneration Executive Board 2007
Executive Board base salary 2007
The base salary of the Executive Board members has been frozen for 2007, as was the case in 2004, 2005 and 2006.
Executive Board short-term incentive plan 2007
The target STI payout over 2007 was set at 100% of the individual Executive Board member’s base salary. The final award is based on the achievement of a set of common Group financial targets and specific individual qualitative and quantitative objectives for each Executive Board member. Specifically, 70% of the total award is based on the Group’s underlying net profit, underlying operating expenses and economic profit/embedded value profit (excluding financial variances), while the remaining 30% is based on individual objectives set at the beginning of the year by the chairman of the Executive Board and approved by the Remuneration and Nomination Committee of the Supervisory Board.
Early in 2008, the Remuneration and Nomination Committee reviewed the actual results of ING against the 2007 targets. Over 2007, ING exceeded on average the three Group financial targets set, resulting in a score of 136% of target on this component. The individual performance of the Executive Board members was on average 182%. ING’s external auditor has reviewed the extent to which the objectives of both the Group and the individual have been met. The Audit Committee was involved in the review of the underlying financial data.
Compensation in cash of the individual members of the Executive Board
| amount in thousands of euros | 2007 | 2006 | 2005 |
|---|---|---|---|
| Michel Tilmant | |||
| Base salary | 1,289 | 1,289 | 1,289 |
| Short-term performance-related bonus | 2,001 | 2,299 | 1,520 |
| Total cash compensation | 3,290 | 3,588 | 2,809 |
| Eric Boyer de la Giroday | |||
| Base salary | 850 | 850 | 850 |
| Short-term performance-related bonus | 1,319 | 1,477 | 945 |
| Total cash compensation | 2,169 | 2,327 | 1,795 |
| Dick Harryvan(1) | |||
| Base salary | 634 | 423 | |
| Short-term performance-related bonus | 842 | 710 | |
| Total cash compensation | 1,476 | 1,133 | |
| John Hele(2) (3) | |||
| Base salary | 412 | ||
| Short-term performance-related bonus | 621 | ||
| Total cash compensation | 1,033 | ||
| Eli Leenaars | |||
| Base salary | 634 | 634 | 634 |
| Short-term performance-related bonus | 956 | 1,102 | 705 |
| Total cash compensation | 1,590 | 1,736 | 1,339 |
| Tom McInerney(1) (3) | |||
| Base salary | 946 | 690 | |
| Short-term performance-related bonus | 1,425 | 1,157 | |
| Total cash compensation | 2,371 | 1,847 | |
| Hans van der Noordaa(1) | |||
| Base salary | 634 | 423 | |
| Short-term performance-related bonus | 956 | 710 | |
| Total cash compensation | 1,590 | 1,133 | |
| Koos Timmermans(2) | |||
| Base salary | 423 | ||
| Short-term performance-related bonus | 637 | ||
| Total cash compensation | 1,060 | ||
| Jacques de Vaucleroy(1) | |||
| Base salary | 634 | 423 | |
| Short-term performance-related bonus | 956 | 710 | |
| Total cash compensation | 1,590 | 1,133 | |
| Cees Maas(4) | |||
| Base salary | 291 | 697 | 697 |
| Short-term performance-related bonus | 438 | 1,244 | 806 |
| Total cash compensation | 729 | 1,941 | 1,503 |
(1) Dick Harryvan, Tom McInerney, Hans van der Noordaa and Jacques de Vaucleroy were appointed to the Executive Board on 25 April 2006. The figures for these members reflect compensation earned in their capacity as Executive Board members. Thus, the figures for 2006 reflect the partial year as Executive Board members.
(2) John Hele and Koos Timmermans were appointed to the Executive Board on 24 April 2007. The figures for these members reflect compensation earned in their capacity as Executive Board members. Thus, the figures for 2007 reflect the partial year as Executive Board members.
(3) John Hele and Tom McInerney get their compensation in US dollars. For each year the compensation in US dollars was converted to euros at the average exchange rate for that year.
(4) Cees Maas stepped down from his position in the Executive Board on 24 April 2007 and retired on 1 June 2007. The figures for this member reflect compensation earned until the last day of employment. Thus, the figures for 2007 reflect the partial year. In addition to his base salary, Cees Maas received a one-off retirement payment in 2007 of EUR 727 thousand.
Compensation in cash of former members of the Executive Board who are not included in the above table amounted to nil in 2007, EUR 3,412 thousand in 2006 and EUR 5,068 thousand in 2005.
