Dutch lower Chamber wants to waive 2 million euros bonus for CEO Air France-KLM

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Benjamin Smith, CEO Air France-KLM

The Dutch House of Representatives wants Air France-KLM to waive a bonus of 2 million euros in shares that CEO Ben Smith has been promised because he has arranged a lot of state aid, according to the annual report. Minister of Finance Wopke Hoekstra must demand that the bonus be removed from the table in Paris. If this does not happen, he must refrain from further state aid to the airline company.

But Minister Hoekstra is not happy with it. He warned during a parliamentary debate that ending all support could mean the end of KLM, with major consequences for all employees.

At last year’s shareholders’ meeting, the Dutch state already voted against a bonus for Smith. But that was of little use because in the end more than four out of five shareholders did vote in favour. The Netherlands, like France, has an equity interest of about 14 percent.

According to Air France KLM, it is uncertain whether the bonus will eventually be paid, because the state aid to France should have been partially repaid first.

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