Difference between revisions of "Michel Tilmant"

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|wikipedia=https://en.wikipedia.org/wiki/Michel_Tilmant
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|description=Belgian Bilderberg banker who led [[ING]] to the technical bankruptcy and 10 billion euros government capital injection, just after threatening to move headquarters to enable him to pay himself and his staff higher salaries and bonuses.
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|birth_date= 21 July 1952
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|alma_mater=Université catholique de Louvain
 
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'''Michel Tilmant''' is a Belgian banker and the former [[CEO]] of [[ING Group]], a globally operating banking and insurance business based in the [[Netherlands]], which he led into technical bankruptcy in 2008. He attended the [[2005 Bilderberg meeting]] and [[2007 Bilderberg meeting]].
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==Education==
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Tilmant, a [[French language|French]] speaking [[Belgium|Belgian]], graduated from the [[Université catholique de Louvain]] ([[Louvain School of Management]]) in Business Administration and European Affairs.
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==Career==
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He began his career in finance with [[Morgan Guaranty Trust Company]] of [[New York City|New York]], serving as Head of European Investor Services in [[Paris]] and [[London]], Head of Operations Services in New York, and General Manager of the [[Brussels]] branch. In 1991 he became [[Chief Operating Officer]] of [[Banque Internationale à Luxembourg]]. In 1992, Tilmant joined the Executive Committee of [[Bank Brussels Lambert]] (BBL). He became CEO in 1997, one year before ING acquired BBL. That year, he became Chairman of ING Barings and in his appointment as Vice-Chairman of the ING Group and CEO of ING Europe followed in 2000. In April 2004, he succeeded Ewald Kist as CEO of the ING Group.
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Dutch Finance Minister [[Wouter Bos]] wanted to dismiss ING CEO Michel Tilmant in October 2008, when the government ING capital injection of 10 billion euros was granted. Finance Minister Bos temporarily abandoned the idea since no replacement was available.<ref>Financieel Dagblad (Dutch Financial Times) July 20, 2009</ref>
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In January 2009 Tilmant was replaced by [[Jan Hommen]], chairman of the non-executive board.
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On 26 January 2009 ING announced that he would give up the CEO position because of the "special developments of the previous months and his personal condition".
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==Extravagant salary increases==
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A little over a year before, on 8 November 2007, the same Tilmant had threatened in (the Dutch Financial Times (FD)) <ref>[Het Financieel Dagblad, November 8, 2007]</ref> to have ING headquarters moved to [[Brussels]] to enable him to pay himself and his staff higher salaries and bonuses. He was critical on the moderate economic climate in the Netherlands. He was particularly annoyed with the quality of education and the debate on excessive pay in the Netherlands.
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On 25 January 2010, one year after his sudden resignation, Tilmant refused to be questioned by the 'Commissie de Wit' the Dutch Financial Crisis Inquiry Commission on the occurrences that led to the technical bankruptcy of ING under his jurisdiction.<ref>NRC Handelsblad January 25, 2010</ref>
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Former Non Executive Board Member and former Labor Prime Minister of the Netherlands [[Wim Kok]] was severely criticized for his explanation on his ratification of the extravagant salary increase  (584%) granted to Tilmant and his board in 2004 to stay in line with salaries paid in the Banking industry.<ref>Het Financieel Dagblad 31 januari 2010</ref>
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After leaving ING, Tilmant joined the board of the [[Luxembourg]]-based Foyer Group as an executive director.<ref>ttp://www.foyer.lu/en/governance/board-of-directors/267 </ref>
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==References==
 
==References==
 
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Latest revision as of 23:28, 28 September 2024

Person.png Michel Tilmant  Rdf-entity.pngRdf-icon.png
(banker)
Michel Tilmant.jpg
Born21 July 1952
NationalityDutch
Alma materUniversité catholique de Louvain
Member ofBNP Paribas
Belgian Bilderberg banker who led ING to the technical bankruptcy and 10 billion euros government capital injection, just after threatening to move headquarters to enable him to pay himself and his staff higher salaries and bonuses.

Employment.png ING/CEO

In office
2004 - 26 January 2009

Michel Tilmant is a Belgian banker and the former CEO of ING Group, a globally operating banking and insurance business based in the Netherlands, which he led into technical bankruptcy in 2008. He attended the 2005 Bilderberg meeting and 2007 Bilderberg meeting.

Education

Tilmant, a French speaking Belgian, graduated from the Université catholique de Louvain (Louvain School of Management) in Business Administration and European Affairs.

Career

He began his career in finance with Morgan Guaranty Trust Company of New York, serving as Head of European Investor Services in Paris and London, Head of Operations Services in New York, and General Manager of the Brussels branch. In 1991 he became Chief Operating Officer of Banque Internationale à Luxembourg. In 1992, Tilmant joined the Executive Committee of Bank Brussels Lambert (BBL). He became CEO in 1997, one year before ING acquired BBL. That year, he became Chairman of ING Barings and in his appointment as Vice-Chairman of the ING Group and CEO of ING Europe followed in 2000. In April 2004, he succeeded Ewald Kist as CEO of the ING Group.

Dutch Finance Minister Wouter Bos wanted to dismiss ING CEO Michel Tilmant in October 2008, when the government ING capital injection of 10 billion euros was granted. Finance Minister Bos temporarily abandoned the idea since no replacement was available.[1] In January 2009 Tilmant was replaced by Jan Hommen, chairman of the non-executive board.

On 26 January 2009 ING announced that he would give up the CEO position because of the "special developments of the previous months and his personal condition".

Extravagant salary increases

A little over a year before, on 8 November 2007, the same Tilmant had threatened in (the Dutch Financial Times (FD)) [2] to have ING headquarters moved to Brussels to enable him to pay himself and his staff higher salaries and bonuses. He was critical on the moderate economic climate in the Netherlands. He was particularly annoyed with the quality of education and the debate on excessive pay in the Netherlands.

On 25 January 2010, one year after his sudden resignation, Tilmant refused to be questioned by the 'Commissie de Wit' the Dutch Financial Crisis Inquiry Commission on the occurrences that led to the technical bankruptcy of ING under his jurisdiction.[3]

Former Non Executive Board Member and former Labor Prime Minister of the Netherlands Wim Kok was severely criticized for his explanation on his ratification of the extravagant salary increase (584%) granted to Tilmant and his board in 2004 to stay in line with salaries paid in the Banking industry.[4] After leaving ING, Tilmant joined the board of the Luxembourg-based Foyer Group as an executive director.[5]


 

Events Participated in

EventStartEndLocation(s)Description
Bilderberg/20055 May 20058 May 2005Germany
Rottach-Egern
The 53rd Bilderberg, 132 guests
Bilderberg/200731 May 20073 June 2007Turkey
Istanbul
The 55th Bilderberg meeting, held in Turkey
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References

  1. Financieel Dagblad (Dutch Financial Times) July 20, 2009
  2. [Het Financieel Dagblad, November 8, 2007]
  3. NRC Handelsblad January 25, 2010
  4. Het Financieel Dagblad 31 januari 2010
  5. ttp://www.foyer.lu/en/governance/board-of-directors/267
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