James Moore: Look to Lewis, bankers
Friday 12 March 2010
Outlook: Another retailer doing a roaring trade is John Lewis, whose profits are up a 9.7 per cent. With a partnership structure and an executive chairman whose salary is capped at 75 times the lowestpaid employee (don't weep for him, he still makes seven figures), it is seen as the acceptable face of capitalism.
The bonus policy is widely applauded, too. The boss gets the same percentage of salary as the bag-packers. So here's an interesting thought: why not apply that idea to the banks? At its results, the Lloyds chairman Sir Win Bischoff bemoaned the fact that his chief executive, Eric Daniels (whose bank lost billions), felt he had to decline a bonus that shareholders had theoretically agreed he should be paid.
Well, UK Financial Investments, the supine agency that allegedly oversees the state's stake in the banks, might have agreed it but the vast majority of taxpayers, whose hard-earned cash has kept Lloyds afloat, certainly did not.
But what if Mr Daniels's bonus was linked (in percentage terms) to the bonuses of his hard-working branch staff ? I doubt many taxpayers would complain too much if he – and Stephen Hester at RBS while we're at it – was handed the agreed-upon reward in that case. So how about it, Sir Win?
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Rozanne Duncan: Ukip expels councillor for 'jaw-dropping' comments made in BBC TV interview
iJobs Money & Business
£20000 - £25000 per annum + OTE £40,000 + Car + Pension: SThree: SThree are a ...
£20000 - £25000 per annum + OTE £35K: SThree: We consistently strive to be the...
£20000 - £25000 per annum + OTE £35000: SThree: SThree are a global FTSE 250 b...
£20000 - £25000 per annum + OTE £35K - £45K: SThree: SThree Group have been we...