Airline KLM has dropped plans to increase the bonus of chief executive Pieter Elbers to 100% of his salary following widespread opposition, Dutch media reported on Saturday. The move, aimed at drawing Elbers’ salary more into line with that of Air France’s CEO, was also criticised by the Dutch government, which has a 14% stake in the Air France-KLM combine. According to broadcaster NOS, the plan has now been withdrawn from the agenda from next week’s AGM, a move supported by both Elbers and KLM’s supervisory board. Maximum Elbers earns €525,000 a year plus a maximum bonus of up to 75% of that. KLM wants to increase that to 100%, in line with the situation at the French arm of the country and set the process in motion last year. KLM has already said no bonuses will be paid this year and there will be no profit sharing or dividends until after the crisis is over.
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I would imagine that this is a good reason to keep my money! So the Dutch government has a large stake in the airlines? This CEO is 49 years old and I guess that he really needs MY money. What a shame!