Flashman And The RBS Issue

[Philtaz]

http://www.bbc.co.uk/news/uk-politics-16772972

What a crock! These people are virtually government employees so Cameron could put his foot down at any time.
Why is he scared of the board? HE should be telling THEM that they're lucky to be in such high salaried positions, not pandering to their purported threats of resignation!

After all the promises to clamp down on this sort of behaviour and dealings he's still looking after the rich and (now) infamous.

[ll_billym]

Pay has nothing to do with what somebody is worth, it's about how much they can negotiate, that's business and there's nothing Cameron can do about it.

[Philtaz]

But it's 83% OUR business so he could do a damn sight more than what he's already done, which has been to stand back and shrug his shoulders.

As I've said elsewhere I doubt he'd tackle an ex Oxonian though eh? All in it together aren't we? Except when it comes to fat cat bonuses!

[beegeebee]

As the Contract between the current holder of the job, was negotiated and agreed before he took the job, then surely the only way to overturn the agreed payments is to go to court and ask it to declare the contract invalid? How this can be done when the agreement was between the government of the day and the individual is difficult to forsee. B.

[Quizmonster]

http://ind.pn/y3xSkJ
I suggest that you read the link-material there from a recent Independent, Beegeebee.
Here's a sample (capitals are mine):
"But a copy of Mr Hester's personal contract with RBS, updated in 2009 and seen by The Independent, reveals HE HAS NO CONTRACTUAL RIGHT TO A BONUS – and the Government could use its position as the bank's largest shareholder to veto any remuneration it thought was excessive."

If that is true, then the Government of TODAY would have been perfectly entitled to block the bonus. If half the senior staff at RBS had run away to Geneva as a result, it wouldn't necessarily have been a bad thing!

[Philtaz]

Exactly Quizmonster.

If that bunch of mercenaries want to resign, let 'em go and get someone in with a bit of moral fibre.

The chairman of RBS has forced Hester's hand by not taking his own bonus and the longer Hester remains passive on ths issue the worse it looks for him and the weight of public opinion grows daily.

[Sqad]

Well.....I wouldnt like to be appointed to a high executive post, knowing that the Government of the day could come in at any time and influence my conditions of service and in the private sector(yes I know that RBS is 82% owned by the tax payer)

To be honest, I couldnt care less about banker's bonuses and pay, my concern being the value of MY pensions.

[Philtaz]

Oh I dunno Sqad, I'd take my chance in a high exec position on £1.2 million p.a. plus bonuses.

If you're on that sort of wedge you're not exactly going to be worried about qualifying for winter fuel allowance upon retirement!

[Quizmonster]

Sqad, if Hester signed the 2009 contract as described by the Independent in my link above, he clearly already KNEW that (quote)" "the Government of the day could come in at any time and influence (his) conditions of service." Accordingly, what conceivable gripe could he have if that HAD happened, as it should have?

[Sqad]

Quiz.........I understand that.....my point being that Government intervention, actual or perceived, my well influence suitable candidates from applying.....it certainly would me.