EUROPE – Anton van Rossum, who quit as chief executive of Fortis last year, has had €2.4m in pension commitments funded by the company.
Van Rossum’s total pay rose to €2.4m in 2004, from €2.1m in 2003, according to Fortis’ new annual report. Although his contract expired on August 21 2004, he will still receive €1.1m in 2005.
Fortis added: “The pension commitments, amounting to €2.4m, were also financed.”
His replacement as CEO, Jean-Paul Votron, has an annual base salary of €750,000, with his target annual incentive and long-term incentive amounting to 100% of this. He will be entitled to up to €2.75m in stock appreciation rights.
The company’s annual contribution to Votron’s pension and health care arrangements is limited to €500,000.
Fortis aims to grow its business outside Benelux. “By 2009 at least 30% of net operating profit should be generated outside the Benelux countries, twice as much as now,” it says.
And it will introduce a single brand worldwide over the next two years.