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By Bart Meijer
Parties representing 99 percent of the seats in parliament supported a motion condemning the pay rise, as they said it did not help to rebuild confidence in the financial sector.
51-year old Hamers, who has led ING since October 2013, will receive the extra pay in the form of ING shares worth 50 percent of his base salary of 1.75 million euros ($2.17 million). He received a total of almost 2 million euros in 2017.
Dutch politicians have tried to limit pay for bank executives since the financial crisis, including by limiting performance bonuses to a maximum of 20 percent of base salaries.
But their influence over ING's proposal seems limited, as the pay rise comes in the form of a guaranteed shares reward, independent of the bank's performance.
Van der Veer, a former CEO at Shell, said Hamers had been underpaid for years.
"We have postponed this decision time and again, but decided to make a big step now", he said in an interview with financial daily Het Financieele Dagblad.
Under Hamers, ING has made a push into digitalisation and increased its net profit to 4.9 billion euros last year from 1.25 billion in 2014.
Its share price has risen 66 percent since Hamers took the reins, compared with a 39 percent overall gain for the Amsterdam blue chip AEX index.
"Hamers has built a clear track record in the past few years and we want him to continue the transformation of the bank," Van der Veer said.
Hamers' base salary will be 2 percent higher than last year, and he will be required to hold on to the shares for at least 5 years. He can raise his total pay to 3.05 million euros by meeting certain targets.
Shareholders will vote on the supervisory board's proposal at their annual meeting on April 23.
($1 = 0.8078 euros)
(Reporting by Bart Meijer; Editing by Jason Neely and Mark Potter)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)