ING Direct 2011 Annual Report Download - page 86

ING depositary receipts for shares held by
ExecutiveBoardmembers
Executive Board members are permitted to hold ING depositary
receipts for shares as a long-term investment. The table below
shows the holdings by members of the Executive Board.
ING depositary receipts for shares held by members of the
ExecutiveBoard
number of shares 2011 2010 2009
Jan Hommen 76,426 76,426 46,426
Patrick Flynn 51,339 25,793
Koos Timmermans (1) 21,635 16,504 14,457
(1) Koos Timmermans stepped down from the Executive Board as per
1 October 2011. The table above shows ING depositary receipts held
byKoos Timmermans at 31 December 2011.
2012 REMUNERATION STRUCTURE EXECUTIVE BOARD
2012 BASE SALARY EXECUTIVE BOARD
In line with the Executive Board decision not to accept a base salary
increase in 2011 as the repayment of core Tier 1 securities that
were issued to the Dutch State has not been completed, the
Supervisory Board does not propose a base salary increase with
respect to the performance year 2012.
2012 VARIABLE REMUNERATION EXECUTIVE BOARD
The payment of variable remuneration to the Executive Board will be
suspended for as long as the repayment of all outstanding core Tier 1
securities that were issued to the Dutch State has not been completed.
Executive compensation legislation
Currently a legislative proposal is under discussion in the Dutch
Parliament relating to variable remuneration at financial institutions
that have received state support for reasons of financial stability
such as ING. If and when entered into force, the legislation is
expected to prevent these financial institutions from granting
variable remuneration (in cash or otherwise) to their Executive
Board members. In addition, the legislation contains certain
restrictions with respect to the possibility of increasing the fixed
salaries of Executive Board members.
Loans and advances to Executive Board members
The table below presents the loans and advances provided to
Executive Board members and outstanding on 31 December 2011,
2010 and 2009. These loans were concluded in the normal course
of business and on terms generally applicable to comparable Company
personnel and were approved by the Supervisory Board.
Loans and advances to the individual members of the Executive Board
amounts in thousands of euros
Amount
outstanding
31 December
Average
interest rate Repayments
Amount
outstanding
31 December
Average
interest rate Repayments
Amount
outstanding
31 December
Average
interest rate Repayments
2011 2010 2009
Jan Hommen 1,588 3.4% 1,588 3.4%
Koos Timmermans (1) 380 4.6% 380 4.6% 380 4.6%
(1) Koos Timmermans stepped down from the Executive Board asper 1 October 2011. The table above shows all loans and advances outstanding at
31December 2011.
84 ING Group Annual Report 2011
Remuneration report continued