Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland

Commerzbank owners reject bigger bonuses

Share this article

Commerzbank owners reject bigger bonuses
Photo: DPA
10:34 CEST+02:00
Shareholders of Commerzbank, Germany's second largest bank, rejected a proposal Thursday to pay bankers bigger bonuses.

At the annual general meeting in Frankfurt, only 64.7 percent of shareholders voted in favour of it, short of the 75 percent required to adopt the move, the bank said.

The bank had wanted to be able to pay out top performance-based bonuses to some bankers that would have been worth 200 percent of the basic wage.

Such bonuses drew heavy fire as symbols of excess at the height of the world financial crisis, and as instruments that rewarded risky behaviour.

Commerzbank, saved from bankruptcy by the government in 2008, at the request of Berlin capped its top salary at €500,000 ($561,000) per year between 2008 and 2012.

The head of Commerzbank remains fairly modestly paid compared to his peers. Martin Blessing earned €1.4 million last year, according to the company's annual report released this week, and did not get a bonus.

Get notified about breaking news on The Local

Share this article

From our sponsors

Change the world with a master's degree from Sweden's Linköping University

Master's students at world-leading Linköping University (LiU) aren't there simply to study. They solve real-world problems alongside experts in fields that can create a better tomorrow. Do you have what it takes to join them?

Advertisement