How bonuses work at Standard Chartered
Standard 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:
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:
And page 143 shows that while directors’ bonuses are down by $3m their aggregate “salaries, allowances and benefits in kind” rose by $4m:
So is remuneration really tracking performance at Standard Chartered?
Let’s see what shareholders say, but there is room for scepticism about the spin.Tagged in: bonuses, Standard Chartered
Latest from Independent journalists on Twitter