Taxpayer shoots itself in foot over Hestor bonus outcry

Taxpayer shoots itself in foot over Hestor bonus outcry

It does seem extraordinary that the most troubled organisation in the financial services industry in the UK can have its CEO’s remuneration package changed at the slightest whiff of bad press. Who was outraged exactly, was it Joe Public or was it indeed the left wing desperate to create a headline?.

This issue to me combines three rather tragic elements of what now defines UK culture. Firstly we remain, regardless of Hackgate completely and utterly in the hands of the UK press who in an attempt to redeem their behaviour over many years seem to be placing greater emphasis on stories relating to ethical behaviour. Secondly the bash-a- banker theme has contrary to some clearly not gone away and yet we seem completely unable get the point here which is to me very very simple. The UK without a vibrant, welcoming and competitive Financial Services industry would be adrift with out a sail in this current economic environment. Thirdly and possibly most importantly if we are to see any return on the £25bn+ that we have pumped in as taxpayers then we need to ensure RBS has the best talent available on the planet to sort out the mess created by Goodwin and his team 5 years ago. Whether or not we pay out £2m pounds in bonuses to the CEO and Chairman bears little or no reference to the need for a highly motivated, focused executive management team.

This, in my view, is not the time to yield to popular press or political posturing.

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Nick has built a reputation over 15 years as a leading protagonist in the Interim Management industry. He has started, bought, rebranded and sold interim management businesses. He is now focusing his attention exclusively at Board and Head of Function level.


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