The Frijns Commission, responsible for ensuring the respect of good corporate practices, is getting hot under the collar. In its annual report, presented on June 4, 2008 to the Minister of Finance, Wouter Bros, it encourages companies to plan clauses allowing them to ask for a refund of CEOs' retirement bonuses if they are too high. (Ref. 080463)
This is the most outstanding amendment proposed by the Frijns Commission to the “Tabaksblat” Code, named after the former CEO of Unilever, who developed it in 2003. The 100 recommendations of this code, enforced in 2004, are non binding and had an average application rate of 90% in 2007 (as opposed to 87% in 2005).
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