Tag • #executive pay and bonuses

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Anger as Nationwide refuses members a binding vote on boss’s 43% pay hike

news.movim.eu / TheGuardian • 3 days ago - 09:27

Lender says Debbie Crosbie’s package ‘should compete with banks’ but critics say building societies are ‘supposed to be the good guys’

Nationwide is under fire for refusing to give members a binding vote on a controversial 43% pay rise for its chief executive, Debbie Crosbie, which could total up to £7m.

Campaigners say it leaves the mutual’s members with fewer rights than shareholders of listed UK banks and exposes a worrying “loophole” in building society rules.

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Revolut CEO ‘could get multibillion-dollar windfall if its value passes $150bn’

news.movim.eu / TheGuardian • 23 June

Fintech firm’s founder Nik Storonsky has reportedly secured Elon Musk-style deal that would pay out in stages

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Revolut’s chief executive and founder Nik Storonsky could be in line for a multibillion-dollar fortune after he reportedly negotiated an Elon Musk-style deal that hinges on him pushing the fintech company’s valuation past $150bn (£112bn).

The former Lehman Brothers trader, who established Revolut in 2015, is said to have secured a lucrative deal that hinges on the company nearly tripling in value, having last been estimated at $45bn.

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Nationwide draws up bonus plan that could give CEO £7m payday

news.movim.eu / TheGuardian • 16 June

Building society criticised for proposal that will be voted on next month but says it is prioritising member value

Nationwide’s chief executive, Debbie Crosbie, could land a maximum pay package of nearly £7m as part of a new bonus plan that has been criticised as “borderline hypocritical” for a UK building society.

The pay policy, which will be put to its customers next month, would raise Crosbie’s maximum payout by 43% to £6.9m.

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Letting banks loose is back on the agenda as UK politicians chase growth at any cost

news.movim.eu / TheGuardian • 14 June

Labour has helped get ball rolling by lifting the bankers’ bonus cap but we have seen before how this play ends

As the old ways of turning a profit become more difficult – from assembling cars to selling soap powder – politicians of all stripes want the City to inject some dynamism into the economy.

From Labour to Reform, the siren call of London’s financial district is strong. If only, they ask, the wheels of the banking industry could be cranked to spin faster, surely much more money could be generated and we would all be rich.

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NatWest chair thanks UK taxpayers for bailout ahead of return to private ownership

news.movim.eu / TheGuardian • 23 April

Rick Haythornthwaite said bank was indebted to public for £46bn rescue package that kept it afloat in 2008

The chair of NatWest has thanked UK taxpayers for the bank’s 2008 bailout weeks before the bank returns into private ownership, assuring shareholders that bosses had “fixed the issues of the past” and would not “open up floodgates of risk” despite government pressure.

Rick Haythornthwaite made the comments as a small group of shareholders gathered at the Gogarburn campus on the outskirts of Edinburgh on Wednesday for the bank’s annual investor meeting.

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Some water boss bonuses in England could be banned, says Ofwat

news.movim.eu / TheGuardian • 25 March

New powers mean regulator can ban payouts under criteria of Ofwat’s choosing

Bonuses for water bosses in England could be banned this year for companies that spill sewage, break the law or mismanage their finances, Ofwat has announced.

The regulator has launched a consultation into draft criteria under which it would ban bonuses being paid to chief executives. Sources at Ofwat told the Guardian they are near-certain to ban some water CEO bonuses this year.

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Pay of Barclays CEO more than doubles to £10.5m as profits soar

news.movim.eu / TheGuardian • 13 February

Other top performers at group share £1.9bn bonus pool while 90,000 employees awarded £500 each in shares

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The pay of Barclays’ chief executive has more than doubled to £10.5m, as a rebound in investment banking and steady interest rates helped push the UK bank’s annual profits up by almost a quarter.

CS Venkatakrishnan’s payout is one of the largest for a Barclays boss, having risen from £4.6m a year earlier in 2023.