The Dutch government has provoked uproar among the country's business leaders by proposing laws to curb large bonuses and golden handshakes for company bosses. The Finance minister Wouter Bos launched the "fat cat" crackdown following a series of recent scandals involving "unjustifiable" payouts to prominent business figures. However despite government support, Mr Bos's proposals are under attack from Dutch blue-chips such as Philips, Shell and Unilever, whose chairmen argue they will damage Holland's international competitiveness and drive away corporate talent. "It's something everyone in Europe is concerned about, especially now the economic downturn is starting to bite," said Mr Bos. "You can't expect employees to tighten their belts while those at the top are being paid ever-bigger bonuses, which are often not even linked to their performance. Public support for entrepreneurs will plummet if this continues."Mr Bos, who leads the Dutch Labour Party (PvdA), has put forward new laws that would slap taxes on companies for over-rewarding bosses. Under the proposed legislation, which is currently making its way through parliament, companies would have to pay a 30 percent tax on severance packages, or "golden parachutes", of more than €500,000 (£398,000), paid to executives when they leave a company. In addition, an extra tax would be levied in cases when company pensions are paid out to executives earning more than €500,000.
The Dutch government has provoked uproar among the country's business leaders by proposing laws to curb large bonuses and golden handshakes for company bosses.
The Finance minister Wouter Bos launched the "fat cat" crackdown following a series of recent scandals involving "unjustifiable" payouts to prominent business figures. However despite government support, Mr Bos's proposals are under attack from Dutch blue-chips such as Philips, Shell and Unilever, whose chairmen argue they will damage Holland's international competitiveness and drive away corporate talent. "It's something everyone in Europe is concerned about, especially now the economic downturn is starting to bite," said Mr Bos. "You can't expect employees to tighten their belts while those at the top are being paid ever-bigger bonuses, which are often not even linked to their performance. Public support for entrepreneurs will plummet if this continues."
Mr Bos, who leads the Dutch Labour Party (PvdA), has put forward new laws that would slap taxes on companies for over-rewarding bosses. Under the proposed legislation, which is currently making its way through parliament, companies would have to pay a 30 percent tax on severance packages, or "golden parachutes", of more than €500,000 (£398,000), paid to executives when they leave a company. In addition, an extra tax would be levied in cases when company pensions are paid out to executives earning more than €500,000.
And the double standard is annoying as hell - and shows on whose side the media is. In the long run, we're all dead. John Maynard Keynes
Isn't Holland where U2 have parked their money for tax reasons ? Shouldn't they clean that up while they're at it ? keep to the Fen Causeway
As I understand it, the members of U2 are personally either resident in the US or Ireland for taxes. How come the media can't be trusted to tell the truth unless it's a negative story about someone rich?
How come the media can't be trusted to tell the truth unless it's a negative story about someone rich?
I must be watching the wrong news channels. Life should consist in at least fifty percent pure waste of time, and the rest doing what you please.
