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| Quote ="cod'ead"[url=http://www.bbc.co.uk/news/uk-politics-16772525RBS Chairman gives up his share bonus[/url
Meanwhile, Cameron continues witrh his weaseling lies:
[iThe government said it would not block a £963,000 bonus, also in shares, for RBS chief Stephen Hester. Prime Minister David Cameron said it was up to Mr Hester whether he accepted the bonus. "That's a matter for him, that's obviously his decision." Mr Hester's contract at RBS - which is 82% publicly owned - was agreed by the last Labour government, Mr Cameron said[/i
And not to be outdone, Gideon has spoken to Stephanie Flanders:
[iGeorge Osborne has just told me the government will not vote against Stephen Hester's bonus as a shareholder at the April AGM. Ed Miliband had thrown down the gauntlet on this today, but the chancellor has declined to pick it up[/i
Pair of 2@s. Mebbe the commission that single mothers with pay on their CSA can be lumped into the RBS trough too?'"
Put Harry Rednapp in charge. Cant do much worser and still will be hailed a good boy if it all goes tits up again. |
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| Quote ="fargrange1"Put Harry Rednapp in charge. Cant do much worser and still will be hailed a good boy if it all goes tits up again.'"
Unfortunately Redknapp would want more than the RBS board put together |
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| Quote ="cod'ead"Unfortunately Redknapp would want more than the RBS board put together'"
Nah, he's got so much money he keeps forgetting where he's storing it. |
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Intersting letter in today's Guardian highlighting the farce. Here we have Hester running a state owned bank, potentially getting a million pound bonus for his performance. That performance has consitsted of making many thousands of employees redundant. The writer estimated the costs to the state in terms of lost taxes and higher benefits at 110 million pounds. So, whilst the bank might be less broke it is still broke and any gains he's made for the taxpayer in terms of the bank are offset by the other costs to the state, it's a joke. This is neither capitalism (if it was the bank would not exist) nor communism (if it were we wouldn't be conisdering such levels of remuneration). So what it our new economic system? I'll coin the phrase "insanityism."
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| Quote ="Dally"Intersting letter in today's Guardian '"
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| Quote ="cod'ead"icon_eek.gif'"
I've told you before Mrs D subscribes to it - a sad state of affairs. |
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| Quote ="Dally"I've told you before Mrs D subscribes to it - a sad state of affairs.'"
My old lady used to buy Woman's Weekly, I never bloody read it though |
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| Quote ="cod'ead"My old lady used to buy Woman's Weekly, I never bloody read it though'"
Not even the problem page? |
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to be fair. Isn't it irrelevant who's in government? Who said this, who said that. I understand a government has kept this bank afloat. But as long as you have these non executive directors who are given the "jobs for the boys" by the people that they then decide to give financial bonuses to. They each earned between 103,000 - 150,000 in 2010. Surely do something about them rather than a government?
from the 2010 annual report on remuneration
Changes to approach
In addition to the changes made to executive directors’ remuneration
arrangements, the Remuneration Committee reached decisions on the
following key areas during 2010:
establishing a governance framework for incentive plans and bonus
funding across the Group, involving the Finance, Risk and Human
Resources functions at all key decision points;
a structure of deferment for incentives for up to three years, with the
ability to clawback if appropriate; and
the introduction of a new Long Term Incentive Plan following
consultation with a number of institutional shareholders.
The new LTIP received the approval of over 99% of shareholders at the
Annual General Meeting in 2010, and at the same meeting the
Remuneration Report received overwhelming shareholder support.
The shareholders approved how these people were paid. The non execs hired remuneration advisors from Price waterhouse Coopers LLP
It's all very interesting reading. Download a pdf from:
www.investors.rbs.com/report_subsidiary_results
I think more importantly Hester was always going to get this money even form early 2011. What is of greater interest is he got over £2,000,000 in his overall package than he did in 2009. (page260)
Do a find for the word remuneration for all the juicy bits on the pdf |
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to be fair. Isn't it irrelevant who's in government? Who said this, who said that. I understand a government has kept this bank afloat. But as long as you have these non executive directors who are given the "jobs for the boys" by the people that they then decide to give financial bonuses to. They each earned between 103,000 - 150,000 in 2010. Surely do something about them rather than a government?
from the 2010 annual report on remuneration
Changes to approach
In addition to the changes made to executive directors’ remuneration
arrangements, the Remuneration Committee reached decisions on the
following key areas during 2010:
establishing a governance framework for incentive plans and bonus
funding across the Group, involving the Finance, Risk and Human
Resources functions at all key decision points;
a structure of deferment for incentives for up to three years, with the
ability to clawback if appropriate; and
the introduction of a new Long Term Incentive Plan following
consultation with a number of institutional shareholders.
The new LTIP received the approval of over 99% of shareholders at the
Annual General Meeting in 2010, and at the same meeting the
Remuneration Report received overwhelming shareholder support.
The shareholders approved how these people were paid. The non execs hired remuneration advisors from Price waterhouse Coopers LLP
It's all very interesting reading. Download a pdf from:
www.investors.rbs.com/report_subsidiary_results
I think more importantly Hester was always going to get this money even form early 2011. What is of greater interest is he got over £2,000,000 in his overall package than he did in 2009. (page260)
Do a find for the word remuneration for all the juicy bits on the pdf | |
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Spoke to a friend today who works for and RBS company here in Oz.
He said that their office in Syd is up for sale as such.
Also said that Hester was brought in when RBS were in the complete poo. And has done a decent job. He could be getting a lot more elsewhere but chose to help out.
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| Quote ="Rooster Booster"Spoke to a friend today who works for and RBS company here in Oz.
He said that their office in Syd is up for sale as such.
Also said that Hester was brought in when RBS were in the complete poo. And has done a decent job. He could be getting a lot more elsewhere but chose to help out.'"
Your mate needs to give his head a shake then.
Hester has not only overseen various sell-offs of non-core RBS businesses and the resulting redundancies, he's managed to virtually halve the RBS share price since taking over.
Then compare Hester's remuneration package to that of the head of another bank, who receives a salary of £305k and NO bonuses. Who and what bank?
Mervyn King, Bank of England |
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| Quote ="Standee"it is doing better than it was, '"
Take a look at the share price since Hester took over and then come back |
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| Quote ="cod'ead"Your mate needs to give his head a shake then.
Hester has not only overseen various sell-offs of non-core RBS businesses and the resulting redundancies, he's managed to virtually halve the RBS share price since taking over.
Then compare Hester's remuneration package to that of the head of another bank, who receives a salary of £305k and NO bonuses. Who and what bank?
Mervyn King, Bank of England'"
Similar to Alan Joyce, CEO of Qantas re share price and his remuneration package then. Though Joyce didn't hand back his "well-earned" bonus. He even grounded the entire fleet, but still got more than this Hester fella. See the non-executive directors thread. Apparently hester took this mighty task on, when he could have got a lot, lot more money. Not defending him, just telling you what was said. My mate's job is obviously under threat of redundancy and his company is part of the sell off you mentioned. |
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| Quote ="Rooster Booster"
Also said that Hester was brought in when RBS were in the complete poo. And has done a decent job. He could be getting a lot more elsewhere but chose to help out.'"
Sounds like his PR office (who won't be under threat of redundancy for he'll want to hang on to the bonus but not go the same way as Sir (for now) Fred Goodwin) is doing a good job, I almost felt sorry for him for a nanosecond, having to take on a job that was poorly paid but he did it to help out, just like helping out at a Cancer Research shop, or maybe not.
Truth of the matter is he probably was offered all sorts of other posts at the time, but chose the RBS one because in the main people like to stay where they are comfortable, where their family is comfortable and if that means not taking a £2million job in an Arabian country but taking a £1million job in the UK instead then so be it, its a wrench but they'll take the drop in salary (like they are going to notice) and moan about it for years after instead. |
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| Quote ="McLaren_Field"Sounds like his PR office (who won't be under threat of redundancy for he'll want to hang on to the bonus but not go the same way as Sir (for now) Fred Goodwin) is doing a good job, I almost felt sorry for him for a nanosecond, having to take on a job that was poorly paid but he did it to help out, just like helping out at a Cancer Research shop, or maybe not.
Truth of the matter is he probably was offered all sorts of other posts at the time, but chose the RBS one because in the main people like to stay where they are comfortable, where their family is comfortable and if that means not taking a £2million job in an Arabian country but taking a £1million job in the UK instead then so be it, its a wrench but they'll take the drop in salary (like they are going to notice) and moan about it for years after instead.'"
Don't feel sorry. The f¨cker earns enough. |
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| Quote ="McLaren_Field"Sounds like his PR office (who won't be under threat of redundancy for he'll want to hang on to the bonus but not go the same way as Sir (for now) Fred Goodwin) is doing a good job, I almost felt sorry for him for a nanosecond, having to take on a job that was poorly paid but he did it to help out, just like helping out at a Cancer Research shop, or maybe not.
Truth of the matter is he probably was offered all sorts of other posts at the time, but chose the RBS one because in the main people like to stay where they are comfortable, where their family is comfortable and if that means not taking a £2million job in an Arabian country but taking a £1million job in the UK instead then so be it, its a wrench but they'll take the drop in salary (like they are going to notice) and moan about it for years after instead.'"
Aye poor lad.
In the three years since he's been there, he's already managed to trouser £35m |
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| Quote ="cod'ead"He will?
How does that work then, seeing as he's being paid his bonus in three-year deferred shares?
'"
He will have to pay both income tax and NI on the value of the shares at the time he receives them. At current rates that would equate to 52% of the value, so his actual net gain would be ~£460k.
Then of course he will have to pay Capital Gains Tax at 28% on any profit he makes if (when) he sells the shares. |
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| Quote ="Derwent"He will have to pay both income tax and NI on the value of the shares at the time he receives them. At current rates that would equate to 52% of the value, so his actual net gain would be ~£460k.
Then of course he will have to pay Capital Gains Tax at 28% on any profit he makes if (when) he sells the shares.'"
The bonus is in shares, but it is still liable for income tax, payable when the shares are handed over in 2013 and 2014.
[url=http://www.bbc.co.uk/news/business-16759963What Stephen Hester has achieved[/url |
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| Quote ="cod'ead"Aye poor lad.
In the three years since he's been there, he's already managed to trouser £35m'"
£35m how do you calculate that? |
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| Quote ="Sal Paradise"£35m how do you calculate that?'"
The £3.3m is on top of Mr Hester's total package of £35.54m since joining the bank in 2008. That year, when the then Labour government bailed out RBS, Mr Hester was awarded £4.99m in restricted shares, forgoing pay and bonuses. In 2009, his package was worth £6.9m. In 2010, his total package rose to £8.16m. Last year, the total was £8.08m, including a long-term incentive plan (LTIP) worth £4.8m, bonus £1.66m and salary and pension contributions. For 2012, the total figure is £7.38m – including LTIP worth £4.8m, his bonus of £963,000 and £420,000 pension contributions and £1.2m salary..
From [url=http://www.independent.co.uk/news/uk/politics/hesters-355m-pay-deal-fuels-renewed-anger-over-excess-6296336.htmlHERE[/url |
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Can't argue with that - he must be the highest paid civil servant by quite a margin?
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| Quote ="Sal Paradise"Can't argue with that - he must be the highest paid civil servant by quite a margin?'"
Perhaps Cameron could suggest a cap of £26k on bonuses? |
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| Quote ="XBrettKennyX"1- Retail banks - backed by the governement (i.e. you and I) - there to provide a place for savings/mortgages etc'"
Like Northern Rock. |
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| Quote ="cod'ead"The £3.3m is on top of Mr Hester's total package of £35.54m since joining the bank in 2008. That year, when the then Labour government bailed out RBS, Mr Hester was awarded £4.99m in restricted shares, forgoing pay and bonuses. In 2009, his package was worth £6.9m. In 2010, his total package rose to £8.16m. Last year, the total was £8.08m, including a long-term incentive plan (LTIP) worth £4.8m, bonus £1.66m and salary and pension contributions. For 2012, the total figure is £7.38m – including LTIP worth £4.8m, his bonus of £963,000 and £420,000 pension contributions and £1.2m salary..
From [url=http://www.independent.co.uk/news/uk/politics/hesters-355m-pay-deal-fuels-renewed-anger-over-excess-6296336.htmlHERE[/url'"
A new Long-Term Incentive Plan was approved by shareholders on 28 April 2010.
Awards will not vest unless the Remuneration Committee is satisfied that
risk management during the performance period has been effective at a
Group and division/functional level. The Remuneration Committee's
determination will be informed by input from the Group Chief Risk Officer
and the Board Risk Committee. Specifically, prior to vesting, the
Remuneration Committee will have regard to risk and compliance across
the Group and divisions and make an assessment of future risks as
appropriate.
All awards are subject to clawback.
As vulgar as the remuneration packages may be to some of us, this is the way of the world and it appears to be done in the correct manner. Everything has been APPROVED by shareholders. SO why is that any government's fault? |
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Quote ="cod'ead"Take a look at the share price since Hester took over and then come back'"
It's very unattractive isn't it. Was there ever a share offer for RBS in his time or a raising of sorts? This would significantly cheapen the stock with there being more shares in the company earning FA?
Also, did this lot do worse than other banks? Were they more wrapped up with the buggers that caused the GFC?
investing.thisismoney.co.uk/quote/RBS
interesting little note on how much directors sold shares for. Hester sells round 50% of his shares on the days he gets them. |
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Quote ="cod'ead"Take a look at the share price since Hester took over and then come back'"
It's very unattractive isn't it. Was there ever a share offer for RBS in his time or a raising of sorts? This would significantly cheapen the stock with there being more shares in the company earning FA?
Also, did this lot do worse than other banks? Were they more wrapped up with the buggers that caused the GFC?
investing.thisismoney.co.uk/quote/RBS
interesting little note on how much directors sold shares for. Hester sells round 50% of his shares on the days he gets them. | |
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