A Personal View – April 2014
This issue has been on the agenda since the concept of bonuses was first invented but with the bonus levels in the overseas Banking Sector in particular now being at obscene levels, various governments world-wide including the EU [European Union] have stepped in by proposing legislation in an attempt to curb the awarding of unrealistic bonuses.
Possibly one of the most far-reaching is the vote by the EU on the 21st May 2014 on this issue. What has raised the ire of Regulators especially in the UK was the case of RBS [Royal Bank of Scotland] where the Executives were paid handsome bonuses from the bail-out money provided by government. This action has enraged all parties in the UK except the bonus recipients themselves as they shamelessly defended their grasping behaviour.