Sections

Former Fortis CEO gets €2.4m pension

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.

Have your say

You must sign in to make a comment

IPE QUEST

Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2466

    Asset class: Multi-asset funds.
    Asset region: Global.
    Size: EUR 30m.
    Closing date: 2018-08-16.

  • QN-2467

    Asset class: Search for a broker (mainly ETFs).
    Asset region: Global.
    Size: 250m.
    Closing date: 2018-08-28.

  • DS-2468

    Closing date: 2018-08-24.

Begin Your Search Here