What Is Bonus Culture?
Posted by Mathew Romero on February 28th, 2019
Until a few years ago I would have been more sympathetic to such a view than I currently am. For example, let's take the current proposal to introduce legislation which would impose tighter controls on bank operating capital. Had it been introduced at the start of this century such legislation may have saved millions from the pain of unemployment. Of course hindsight it is said, is always 20/20 vision and so I suppose many now see the necessity for such controls whereas previously they were advocated by only a few economic pundits.
My suggestion is that no civil servant should receive a bonus at all. They are very fortunate to have such a job. Each year the pay of civil servants should be reviewed and if in that year their performance has been hardly inspiring, or good or exceptional, this should be reflected in either no pay increase, a good increase or an exceptional increase. Take a look at the latest casino no deposit bonus codes.
As for the management of quoted companies, the law should intervene. Legislation could be introduced to the effect that proposed new pay scales for top executives should be debated by the directors of the corporation and then announced a minimum of ten weeks before the AGM. At that AGM the proposals should receive a minimum of fifty per cent of the votes cast before they can be implemented. To make it fifty per cent of all stock holders would I believe be too harsh. If that fifty per cent is achieved then there will be no financial penalty against the corporation. However, if the board forces the proposals through without stock holder approval as stated or does not act in accordance with the time scale, a tax should be imposed on the company for a sum equal to the amount of the proposed additional remuneration. The suggestions I am putting forward are of course overly simplistic and as always "the devil will be in the detail" but I firmly believe that society as a whole will be healthier and a greater feeling of homogeneity will prevail if these general reforms are instituted.
It is I believe a part of the general movement towards transparency. In addition, the existence of the bonus culture in one part of a business whilst other workers do not receive one, seeks only to polarise opinion amongst those workers and ordinary shareholders to whom dividends are important. The lead and the guidance on practising the austerity we clearly need at present must come from the top and permeate through all levels of the corporation. It will be the clearest indication we can have that the Arab Spring of the disgruntled investor has been victorious.