DNB probe forces ING board member to resign

Member of ING Group’s supervisory board quits early after tax information passed on to Dutch central banking authority.

Godfried van der Lugt, a member of Dutch insurer ING Group’s supervisory board, quit his role earlier than planned on Monday 24 January 2011, following an investigation by De Nederlandsche Bank (DNB), the Dutch central banking supervisor.

The investigation was triggered when the regulator received information on his tax affairs.

ING confirmed in a statement that Van der Lugt left prior to his planned departure date after the Group’s AGM in May 2011, citing personal reasons.

The move follows an earlier issue between the Dutch tax authorities and Van der Lugt that was “resolved entirely”, ING said.

DNB subsequently received further information on Van der Lugh, prompting ING to contact him, declaring “it would initiate a renewed assessment of him”, ING said.

Van der Lugh is an ING veteran, who joined its supervisory board in 2001. He has been a member of its executive board since the Group’s creation in 1991, becoming vice-chairman in 1992 and chair from 1998 to 2000.

Commenting on the departure, ING’s current supervisory board chair Peter Elverding said: “Godfried van der Lugt has distinguished himself in the supervisory board through his extensive knowledge of the banking sector and ING in particular.

“We thank him for his many years of excellent supervision and advice.”

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