Royal Bank of Scotland has abandoned attempts
to pay bonuses twice the size of salaries after being told the move would not
be approved.
UKFI, the body that manages the Treasury’s 81% stake in the bank, told
RBS it would veto plans for a 2:1 bonus ratio at the next shareholder meeting.
“There will be no rise” while RBS is “still in recovery”, the Treasury
said.
While I welcome the fact that RBS has been told no, I’m amazed they had
the gall to dare to ask for 200% bonuses less than two months after they
announced losses of £8.2bn.
I’d really like to hear the explanation from RBS as to why they feel the
2:1 ratio is justifiable for abject failure; usually you hear the tired old
line of it’s to attract the ‘best’ people but if you look at the numbers
produced by RBS they’re getting worse so they’ve clearly not got the ‘best’ people.
Despite this they still want to pay them bonuses twice their salary, no
wonder RBS went under and don’t look like coming back anytime soon.
No comments:
Post a Comment