Incredible! It is reported that employees at the troubled R.B.S. are to receive thousands of pounds in bonus payments! How can this be? Bonuses are normally paid for ‘above and beyond’ performance. Unless I am mistaken the bank has not achieved an exceptional performance unless of course we resort to sarcasm and suggest ‘exceptionally poor performance.’ The UK government and the UK taxpayer specifically has underwritten RBS, how on earth can the Executive approve of this course of action, surely it is the ultimate kick in the teeth for UK taxpayers?
Even if the bonuses relate to individuals who have performed exceptionally well and exceeded their targets, surely ‘collective responsbility’ applies. Key individuals made serious errors of judgment, the business as a whole has underperformed which resulted in financial difficulties; until the organisation is once again profitable and has repaid its debt obligation, no bonus payments of any kind should be paid.