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Daily Insurance Industry News
Thursday 21st of June 2018
April 1, 2009

Ex-Fortis boss awarded £5.8m for failure

by David Masters

Story link: Ex-Fortis boss awarded £5.8m for failure

Failed Belgian bank Fortis has paid its sacked chief executive Jean-Paul Votron €6.3m (£5.8m), according to reports in the Belgian media.

The sum is comprised of €2.5m for the takeover of ABN Amro in 2007, a €1.3m ‘golden handshake’, and €1.9m for ensuring the Fortis share price increased during his four years in charge.

The payment has been made despite the fact that Votron’s decisions – particularly regarding the takeover of ABN Amro – brought the company to the brink of bankruptcy.

Fortis has had to be rescued by the Belgian government because of crushing debts related to the ABN-Amro takeover.

Votron stepped down in July due to pressure from the Fortis board over the state of the group’s finances.

The company said it was contractually obliged to pay Votron the money.

 

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