Socialist Worker

Bonanza at the top

Issue No. 1741

Bonanza at the top

SENIOR executives at the Royal Bank of Scotland are to more than double their pay in return for an average performance.

Around 20 executives will get a bonus of one and a half times their salary if the bank reaches the average profits performance of other banks.

This is in addition to existing bonus schemes worth up to 100 percent of salary.

Special bonuses are also being paid to celebrate the bank�s takeover of NatWest last year.

Chief executive Fred Goodwin collects �814,000, and Sir George Mathewson, executive deputy chairman, will grab �759,000.

Other board members include Sir Iain Vallance, also the chair of BT.

  • SCHRODERS, the British investment fund management company, has paid its former chairman Sir Win Bischoff a �5 million "special bonus". This is his prize for getting the company into the Financial Times top 100 share index.

Three other directors shared �2.75 million.

  • TREVOR Hilliard, former head of retail banking at Alliance & Leicester, has pocketed a �491,000 payoff on top of his �176,000 salary as his reward for leaving the firm last year.
  • FIVE FORMER executives of the Millennium Dome are to receive bonuses totalling �136,000 in recognition of their "remarkable achievement".

If you enjoy Socialist Worker, please consider giving to our annual appeal to make sure we can maintain and develop our online and print versions of Socialist Worker. Go here for details and to donate.

Article information

Sat 31 Mar 2001, 00:00 BST
Issue No. 1741
Share this article

Mobile users! Don't forget to add Socialist Worker to your home screen.