Dutch bank ING has scrapped a planned pay rise of some 50 percent for its CEO after it sparked a storm of criticism.
The bank said in a statement Tuesday that its board "has reconsidered the proposal."
ING last week published details of the new salary package of CEO Ralph Hamers, showing that a pay rise and shares package would boost his annual earnings by about 50 percent to around 3 million euros ($3.7 million).
The announcement sparked outrage among lawmakers and the public. The Dutch government spent billions bailing out ING in 2008, money the bank has since paid back.
ING Supervisory Board Chairman Jeroen van der Veer says, "We as Supervisory Board are responsible for this proposal and regret the commotion caused by it."