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ING Says Executive Pay Gap With European Peers Is Untenable

ING Groep NV, the biggest financial-services company in the Netherlands, said Dutch rules capping pay for top banking executives have created a gap with peers that threatens the lender’s prospects.

Total compensation for board members including Chief Executive Officer Jan Hommen, 69, was in “the lowest decile of the relevant benchmark and creates a significant gap between ING, the market and its peers in Europe,” the Amsterdam-based company said in its 2012 annual report, released today. “In the longer term, this is not a tenable situation for ING and its market positioning.”