Apparently on Radio 4 this week, Shane O’Riordain (Group Communications Director of the Lloyds banking group) said “It’s entirely right for companies both our company and others, to pay bonuses when performance targets have been met – its an appropriate part of compensation”
One wonders, knowing the sort of unethical things that were being done in the name of ‘performance’ and bonus attainment, that the phrase “entirely right” shows that these top bankers still just don’t get it. After all it does appear that a lot of the time their ‘performance’ could be equated with highly driven ‘unethical behaviours’ (see Unintended Consequences – what do very large bonuses attract?)
Later the same morning Radio 4 had Paul Moore, the HBOS “Whistle-Blower”, being interviewed by Michael Buerk in the programme “The Choice”. This contained extraordinary material on the targets culture. It included the “Cash or Cabbages Day” when, in full public gaze, those who had made their targets received some cash, while those who hadn’t were awarded a cabbage. Mr Moore spoke graphically about the culture of fear and much more, which will be familiar to many who found themselves caught up in such a ‘macho’ culture. The Programme can be viewed again on BBC iplayer here
So I would just like to praise those at HBOS who won the cabbage. Be Proud. Because most likely the reason you did not earn the ‘performance’ cash was that you were behaving and selling ethically!
Thanks to Brian Leeming and Henry Neave for bringing the Radio 4 interviews to my attention.
