Lord Myners, the Hester Bonus and corporate governance

 

Lord Myners was awarded a CBE in 2001. He also has an Honorary Doctorate in Law from the University of Exeter and is a Visiting Fellow at Nuffield College Oxford. In July 2010 he was elected chairman of the All Party Parliamentary Group on Corporate Governance and in November 2010 he was admitted as an Honorary Fellow of the Association of Corporate Treasurers.

“There is nothing in the employment contract of Stephen Hester or any director of Royal Bank of Scotland which binds the company or its remuneration committee to pay a mandatory bonus” according to Lord Myners in the Guardian on Jan 27 2012.

Even last night on Any Questions, Anna Soubry was reluctant to allow this fact. The programme from Lichfield is here.

References:

http://en.wikipedia.org/wiki/Paul_Myners,_Baron_Myners

http://www.guardian.co.uk/business/2012/jan/27/david-cameron-stephen-hester-bonus

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