UK to fight EU plan to cap bankers' bonuses

[TheDaddy]

Originally Posted by Pierre

Nothing wrong with bonuses.

There's plenty wrong with them if it's all done by cronieism and not by results.

[Pierre]

Originally Posted by papa smurf

are you aware of what a hard days work is for the reward offered

Get over yourself. I'm quite aware thank you. Are you aware how dependant this country is on the financial sector?

or do you just think its ok to underachieve and get a bonus .

As I said, I don't think that is what anyone thinks.

[danielf]

Originally Posted by TheDaddy

There's plenty wrong with them if it's all done by cronieism and not by results.

Or even for not doing any work for the competition.

http://www.guardian.co.uk/business/2...78m-golden-gag

Shareholder activism over corporate pay has claimed one of its biggest victories yet after the Swiss pharmaceutical group Novartis was forced to abandon the award of a $78m "golden gag" non-compete payment to its outgoing chairman.

The UK investor advisory body, Pirc, said the move could inspire a repeat of last year's "shareholder spring" when a series of rebellions over pay forced out the chief executives of Aviva, AstraZeneca and Trinity Mirror.

Shareholders in Novartis reacted with fury over the weekend when it emerged that Daniel Vasella was to receive the payment – $13m a year over six years – to prevent him from giving advice to competitors after he steps down from the board this week. Vasella's attempt to deflect their anger by pledging to give some of the money away to philanthropic causes was unsuccessful, as investor anger became amplified by criticism from the Swiss public. On Tuesday, the company said the board of directors and Vasella had agreed to cancel the non-compete agreement in the light of the furious response.

£13million a year over 6 years for doing nothing. Nice work if you can get it.

[TheDaddy]

Originally Posted by Pierre

Get over yourself. I'm quite aware thank you. Are you aware how dependant this country is on the financial sector?s.

Not as dependent as people make out, our much maligned manufacturing industry contributes more to the economy than the bankers, I'm not saying I want them to go but at the same time I'm not fooled into caving into what ever demands they make under the threat of leaving.

---------- Post added at 23:03 ---------- Previous post was at 23:01 ----------

Originally Posted by danielf

Or even for not doing any work for the competition.

http://www.guardian.co.uk/business/2...78m-golden-gag



£13million a year over 6 years for doing nothing. Nice work if you can get it.

The annoying thing is most shares are held by pension funds and they never attend the meetings, properly regulated remuneration committees are the way to go imo, then we wouldn't need to rely on revolts.

I reckon we need more Bank of Dave.

http://www.channel4.com/programmes/bank-of-dave

[papa smurf]

[QUOTE=Pierre;35542839]Get over yourself. I'm quite aware thank you. Are you aware how dependant this country is on the financial sector?



no i'm not could you be a little more patronising and explain it really simply so i will understand .

[Osem]

Originally Posted by Ramrod

Be careful what you wish for

edit: link to the report....

But it's more fun calling all bankers crooks because some were and ignoring the facts. Why not hand over control of and the profits/taxes derived from an essential industry to people in other coutries? While we're at it we'll also make sure that the state owned banks never prosper and have no chance of paying the money they owe the taxpayer back. I mean that wouldn't be chucking the baby out with the bathwater in any way would it?

By most reasonable accounts I've heard, Stephen Hester is doing a good job trying to drag RBS out of the mire and GET OUR MONEY BACK but why not just treat him like a crook too and penalise him for what was allowed to happen?

Getting tough with the rules (which Labour should have done via the FSA and BBA but didn't) is great but it needs to be global. Taking back bonuses in respect of failures is fine (and is being done), but forcing banks to pay bigger up front salaries which can't be clawed back in the event of failure is utter nonsense.

I wonder how many of the football fans amongst our ranks would like to see their precious teams decimated by European remuneration caps which led to their best players going elsewhere in the world to earn more money.

[mertle]

Not against bonuses culture at all. Nothing in post said as such you picked comment twisted it. I am against obscene bonuses while dominions left out of the windfall. Pay structures also issue too osem.

Its rewards and pay structure which out of control and has been out of control for many years. In Corporations and Banking sector.

Surely if they rewarded for brilliant job should it not be all staff deserve the reward too.

So those losses wont be hit if we do fairer system. We may actually increase how much taxes banking sector paid if see fairer system of pay/rewards to all levels staff.

About time bonus culture is put under control and wage descrepencies to more realistic curve from cleaner to CEO.

Surely you would accept this would good thing for economy to get better playing field in wages/bonus to each level pay structure.

It not just CEO who worked hard its all his staff too sadly companies tend to forget that when huge wads bonuses are dished out.

On quip on football it would be best thing would happen might stop the game running billions debt. Have heared obscene wages messi rumered to been given £1m a week. Talented he is no-one worth that sort money. The game will go bust if dont get act together.

[Osem]

Lloyds Banking Group has narrowed its pre-tax losses for 2012 to £570m, from £3.5bn the previous year.

The group, which is 40%-owned by the government, said its losses were primarily because of making provisions of £3.6bn for the mis-selling of payment protection insurance (PPI).

This included £1.5bn set aside in the fourth quarter for PPI.

Chief executive Antonio Horta-Osorio was awarded a bonus of £1.5m in deferred shares.

These shares will not be released until 2018, Lloyds said, and only if the government sells at least a third of its stake above 61p - the price at which the stake is booked on the national accounts - or if the share price stays above 73.6p for a given period of time

http://www.bbc.co.uk/news/business-21626461