24 Apr 2019
Shareholders of Dutch bank ING on Tuesday voted against a motion granting executives discharge from legal liability for 2018, the company said, in a rare rebuke for the $900 million fine the company incurred in September for failing to prevent money laundering.
The largely symbolic vote means the company could, theoretically, seek to hold managers legally responsible for damages, though such action is unlikely.
Institutional investors including the country’s two largest pension fund managers APG and PGGM, plus small shareholders’ association VEB, voted against the motion.
ING has said the investigation and fine, which did not have a major impact on its share price, were properly disclosed.
By Toby Sterling, Reuters, 23 April 2019
Read more at Reuters
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