How bonuses work at Standard Chartered

Ben Chu

Sands 150x150 How bonuses work at Standard CharteredStandard Chartered is today portraying itself as thoroughly responsible on remuneration and bonuses (in contrast to other banks).

The bank’s chief executive Peter Sands (right) will, we’re told, see his bonus fall by 21 per cent to £1.6m.

And the overall bonus pool across the bank will apparently be 15 per cent lower at £772m.

This is the bank’s response to the fact that profits were 7 per cent lower in 2013 than the previous year:

stanchart12 How bonuses work at Standard Chartered

But delve deeper in the annual accounts and the picture doesn’t look quite so good for shareholders.

Page 107 reveals that total group “wages and salaries”, which includes bonuses, are, in fact, up 2.1 per cent:

Stanchart How bonuses work at Standard Chartered

And page 143 shows that while directors’ bonuses are down by $3m their aggregate “salaries, allowances and benefits in kind” rose by $4m:

Stanchart3 How bonuses work at Standard Chartered

So is remuneration really tracking performance at Standard Chartered?

Let’s see what shareholders say, but there is room for scepticism about the spin.

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  • Pacificweather

    It is good to know some are getting above inflation pay rises, just a pity it is those that caused the inflation.

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