Commerzbank AG (CRZBY)

[Enterprising Investor]

Commerzbank CEO voluntarily waives his 2013 bonus (2/13/14)

Feb 13 (Reuters) - Commerzbank Chief Executive Martin Blessing will voluntarily waive his 2013 bonus payment because the bank, despite swinging to a profit from a loss, didn't earn enough to justify it, Blessing said on Thursday.

"If there is no profit then I don't think it's right, independent of whether the goals were reached, for the CEO to receive a variable component," Blessing told journalists.

Although the bank earned a small profit in 2013, it wasn't enough for him to justify receiving a bonus, he said. Blessing last received a bonus in 2007.

Blessing said he would have considered accepting a bonus if the net result of the group were over 100 million euros ($135.88 million)for the year.

Commerzbank posted a 78 million euro net profit for 2013 after a 47 million euro loss last year. ($1 = 0.7359 euros) (Reporting by Thomas Atkins)

http://www.reuters.com/article/2014/02/13/commerzbank-ceo-idUSWEB00IES20140213