So, Stephen Hester, CEO of the Royal Bank of Scotland had a weekend to read what the newspapers were saying about him then crumbled under the enormous pressure.
How bad is that!
Will everyone else due a bonus at RBS be treated the same way, regardless of what their contract says? This guy has done his job as per his contract – imagine if it were the other way round and Stephen had decided to ask for more money than had been agreed because, well, the newspapers had spoken about the outrage surrounding low pay to emergency workers. I expect his demands would have been thrown out with little more than a sideways glance.
Will people trust RBS in the future, will people working for similar state owned businesses worry that they are next?
It makes perfect sense to reward the CEO of a business like RBS with a bonus based on performance. It makes little sense that we back track because of a media crackdown on executive pay.
To continue recovering from the doom and gloom of the last couple of years we need certainty and consistency – this weekend we blew it.
Sorry Stephen, actually I am taking my bonus. Its only fair.