Royal Bank of Scotland chief executive Stephen Hester says he will not take a bonus this year in the wake of last week's disastrous IT problems.
When he took over the share price was 50p. Currently standing at 21.7p.
Can he remind us why he thinks he was going to earn a bonus this year ? Isn't a CEO's job (and bonus) about delivering returns to shareholders* ?
If its a 5 year job to return value then the bonus should come when the value is delivered (and if he did return the share price above and beyond expections then he should be well rewarded).
What he shouldn't be getting is a bonus in the interim.
*even if the company is 80% owned by the UK taxpayer.
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