Commerzbank to limit execs' bonuses -report
FRANKFURT, Nov 15 (Reuters) - Germany's second largest bank, Commerzbank (CBKG.DE), intends to adopt a new bonus structure for its executives that will further limit management remuneration, its Supervisory head told a German newspaper.
Last week the bank announced a new bonus model for its employees which includes pooling bonuses and not paying these out if the bank does not meet certain growth criteria. [ID:nL0646259]
A similar system will be introduced for the bank's executives, Commerzbank Supervisory Board Head Klaus-Peter Mueller told Handelsblatt newspaper in an interview to be published on Monday.
Executive pay at Commerzbank is already limited to 500,000 euros ($743,800) as part of restrictions placed on the bank by the bank rescue fund SoFFin in exchange for an 18 billion euro bailout.
The bank is waging a legal campaign on several fronts against former employees over pay. [ID:nLF590059] [ID:nLU501174]
Mueller, who is also the head of a Government commission on Corporate Governance, told the newspaper that Europeans need to have the courage "to free themselves from the Anglo-Saxon developments (in the banking world), when they believe they are wrong.
"Why can't they (the largest investment banks) come to an agreement to no longer pay out excessive salaries," he said. (Reporting by Tyler Sitte; Editing by Hans Peters) ($1=.6722 Euro)
