ING shareholders vote down motion on management liability
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

Photo: Amin [CC BY-SA 4.0], via Wikimedia Commons

Read more:

ING Bank exec resigns after $900 million money laundering fine

Money laundering: ING bank fined €775m over due diligence, client on-boarding

Explainer: Europe’s money laundering scandal

Advance your CPD minutes for this content, by signing up and using the CPD Wallet


You must be logged in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed.