Booking Holding, known for hotel booking site Booking.com, wants to give its top executives bonuses for the corona year 2020 of around 28 million euros, mainly in shares. This is stated in recently published documents ahead of the company’s annual shareholders’ meeting, at which NRC was the first to publish. According to the newspaper, bonuses for regular staff would also have largely remained in place.
Due to the crisis, the company saw the number of bookings drop drastically and was forced to borrow billions. This means that the performance bonuses are at odds with the performance of the company. To get through the crisis, Booking also held out with governments. The Netherlands was good for more than 64 million euros in aid. Furthermore, the company slashed its workforce, cutting thousands of jobs.
According to Booking, it is necessary to retain talent and strong leadership to steer the company out of the crisis. “Despite the fact that we had to make extremely difficult decisions, we did what we could to ensure that our colleagues who left and those who stayed to support the company during the recovery compensate as much as we could,” Booking said in a statement.
The company also says it should remain “a great place” to work. Booking further points out that top executives of other travel companies or companies of a similar size earn more.
Booking directors did hand in part of their fixed salary. CEO Glenn Fogel received no wages at all and his fellow executives gave up a fifth of their wages. However, according to the Commissioners of Booking.com, it would not be desirable if the performance incentives were removed after the catastrophic year 2020, in which many goals were not achieved. For that reason, the criteria for the payment of the bonus would have been adjusted.
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Hotel site Booking wants millions of bonuses for top after disaster year 2020 | 2020 Economy
Source link Hotel site Booking wants millions of bonuses for top after disaster year 2020 | 2020 Economy