Air France-KLM Chief Executive Ben Smith said on Thursday he had given up his 2020 bonus, after a Dutch minister urged executive pay restraint in return for the billions of euros in government aid sought by the airline group.
) Chief Executive Ben Smith said on Thursday he had given up his 2020 bonus, after a Dutch minister urged executive pay restraint in return for the billions of euros in government aid sought by the airline group.
The move follows an outcry in the Netherlands over new performance criteria that appeared to reward the CEO for attracting state aid - prompting Dutch Finance minister Wopke Hoekstra to call publicly for his bonus to be scrapped. In a separate announcement on Thursday, KLM boss Pieter Elbers said he would take a 20% pay cut for the remainder of the year and had also forfeited his bonus.
As the coronavirus shutdown loomed in March, CEO Smith had agreed to reduce his 900,000 euro base pay and bonus of up to 1.35 million euros in proportion to the loss of earnings by furloughed staff - typically around 25% during the layoff period.
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