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November 2008

LRD compiles dossier on directors' pay at banks for Unite

Labour Research Department has compiled a detailed dossier for Unite exposing the pay of senior executives in the financial services taken from annual reports, between 2003 and 2007. The dossier shows that the basic pay and cash bonuses (excluding share based payments) of just 5 CEOs at HBOS, Lloyds TSB, RBS, Barclays and HSBC totalled over ?52 million.

A few executive directors (named in the annual reports) of RBS, LTSB and HBOS, 3 banks which the government will take a ?37bn stake in, have earned a combined ?122 million in pay and bonuses including over ?64 million in cash bonuses alone.

Excluding share based payments, between 2003 and 2007, CEOs Fred Godwin (RBS) made ?15.5 million, Andy Hornby made ?6.9 million and Eric Daniels made ?10.2 million.

The total remuneration (excluding share based payments) for a handful of executives included in the annual reports of the major British finance companies and the majority of UK subsidiaries of overseas parents totals an astonishing ?729.3 million.

For more information see http://www.amicustheunion.org/default.aspx?page=9624 or email Neal Moister.

 

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