ING shareholders vote down motion on management liability

FILE PHOTO: The logo of ING bank is pictured at the entrance of the group's main office in Brussels, Belgium September 5, 2017. REUTERS/Francois Lenoir

AMSTERDAM (Reuters) - Shareholders of Dutch bank ING on Tuesday voted against a motion granting executives discharge from legal liability for 2018, the company said, in a rare rebuke for the $900 million fine the company incurred in September for failing to prevent money laundering.

The largely symbolic vote means the company could, theoretically, seek to hold managers legally responsible for damages, though such action is unlikely.

Institutional investors including the country’s two largest pension fund managers APG and PGGM, plus small shareholders’ association VEB, voted against the motion.

ING has said the investigation and fine, which did not have a major impact on its share price, were properly disclosed.

The company said on Tuesday that other motions at the annual meeting had been approved by shareholders.

Reporting by Toby Sterling; Editing by David Goodman