Commerzbank's bonus plan blocked by German government

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The German government has blocked a plan by Commerzbank to pay bonuses to its top staff worth double their basic salary.

BBC News reports that a motion was put forward at the bank's annual meeting and needed 75% of shareholders to vote in favour.

However only 64.7% of those present backed the plan, with the German government using its 17% voting stake to vote against it.

Commerzbank was rescued by the government in 2008.

Under new rules introduced by the European Union in the wake of the financial crisis, shareholder approval is needed for any bonus plan that exceeds an employee's base salary.

To access the complete BBC News article hit the link below:

Germany's Commerzbank sees bonus plan blocked

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