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Netherlands – Investor lobby groups criticise welcome bonus for Randstad’s new CFO (De Telegraaf)

21 February 2018

Two Dutch investors lobby groups VEB and Eumedion, have disapproved the sign-on bonus that Randstad gave to its new CFO Henry Schirmer, the Telegraaf reports. Schirmer is due to replace outgoing CFO Robert Jan van de Kraats at the end of March and will be welcomed into Randstad with a shares package of €750,000 which is slightly higher than his fixed annual salary. If Schirmer remains in office for five years, the shares package deal becomes more lucrative, regardless of his performance as CFO. “We would prefer to see executives receive bonuses on the basis of actual performance,” David Tomic, economist at the shareholders lobby group VEB, said. The VEB is planning to discuss Schirmer’s shares package with Randstad’s supervisory board. Randstad shareholders must approve Schirmer’s bonus package at the AGM in late March. A Randstad spokesman said the bonus was to compensate Schirmer for Unilever shares he can no longer collect.