Who own RBS as Hester gets £4.8million bonus ?

[Papaumau]

I was totally shocked to read today that a proposed bonus for RBS CEO Stephen Hester of £4.8million had been backed by the "shareholders" of the bank

I mean, who are these shareholders ?

Why WE ARE, as the public own 83% of this bank and yet it would seem that nobody stands up for what WE want in proposals like this.

I have to ask...Who represents the needs and wishes of the British people when publicly owned/controlled banks like this STILL maintain the disgusting bonus culture that everyone has promised will be dealt with ?

[Papaumau]

By the NIL response to this posting I can only surmise that the good people of The Pensioner's Forum don't give a damn about the bonuses that Hester and others are making from this publicly-owned bank ?

I mean...AND I will say it again....

How the hell can the "shareholders" of this bank authorise such obscene bonuses when 83 percent of these shareholders are US - the British people ?

Nobody asked ME if these fat-cats should get these bonuses, did anybody ask YOU ?

[John]

The bonuses do not come out of thin air and have been there for many many years.

They have obviously been highlighted lately.

Its a bit like tipping.

These bonuses are probably a smaller percentage than an average tip.

Look at John Lewis and see the set-up there.

Say between 1 month and 2 months pay a year as a bonus.

You won't like it but Brown turned a blind eye to this and before all the chaos
actively encouraged Banking Binges.

I would expect him to be offered an advisers job/directorship in recognition.  Nod Nod, Wink Wink.

[Papaumau]

You are missing my main point there John !

It was published that these bonuses were authorised by the bank's shareholders and when we consider that we own 83 percent of that bank, why were we not consulted when this fat cat - and others - were getting this extra cream ?

It is true that the climate of bonuses has become somewhat of an automatic event and for years these greedy pigs have received these bonuses quietly - under the table. NOW...they are not quietly-received any more as we know what they are getting.

The remuneration committees that decide on the pay and bonuses for these people are made up of the same people, that are receiving the money and to me that is a really silly way to go.

I find it disgusting that at one end these pigs are getting crazy raises in salaries and bonuses and at the other end people are being thrown onto the scrap heap in their thousands so that such banks can be "competetive" in the market-place.

Any way that you look at it, it is WRONG !

[John]

Its not wrong within the established system of bonuses and incentives.

It is all about maximising profits and where this also improves the dividends,
what shareholder is going to object about that?

This is the reality of the situation.

The last administration was unable to explain this as it strove to be populist (no chance).

[Papaumau]

John said:

Its not wrong within the established system of bonuses and incentives.

Then the "established system" must be wrong !