|
 |
Transparency Of Bonuses
|
Date: 11th May 2009
Members will be aware when we announced that bonus payments had been reduced again in March, in addition to the reduction in January, staff reacted angrily, particularly because Lloyds TSB made profits of £850 million last year.
This second round of cuts was decided by the Bank and was not required by the Treasury in the form of UK Financial Investments Ltd, the body charged with protecting the Government’s shareholding in Lloyds TSB.
Mark Brown, Assistant General Secretary, said "Our concern with this second round of bonus reductions
was that every Division of the Bank had been dealt with equally and that none had received any form of special treatment, either by permission not to reduce bonuses at all or by having been given special dispensation to reduce bonuses less the than others".
Bonuses now form a significant part of the Bank’s overall expenditure on pay and there needs to be real transparency in the way the money being spent is used across the Bank. Certainly staff
should be satisfied that they and their colleagues are being treated fairly and that, at a time of financial cutbacks, the misery of cuts in bonuses is being shared equally.
 |
|
