konabunny – Member
Does anyone contributing to this thread actually bank with an ethical bank like co-op who don’t pay ridiculous bonuses to execs?
I do – with Smile.
Just out of interest, do you know what the bonuses paid to Smile execs are? And do you think Smile would be better if they paid more?
Chief exec got £183k bonus in 2010 according to the article below. Customer service is always rated highly so I don’t believe higher rewards would make a difference, overall they seem to have the right balance.
If you have money in a bank whose pay structures strike you as iniquitous, put it somewhere else. As an RBS customer about to jump ship, my own choice is the Co-operative Bank, freshly merged with the Britannia Building Society. Their executives are hardly paupers (last year, the chief executive of Co-operative Financial Services was paid a salary of £590,000, with a bonus of £183,000), but their pay policy falls short of arrogant insanity – and as proof of their bona fides as both progressives and prudent operators, they make a lot of their ethical investment policy and proud avoidance of the financial instruments that got most other banks into such a mess.
I’m making the move because a friend did, which underscores the crucial point. If even 50,000 people took their custom away from the usual big-hitters, the banks would notice, and the idea would surely spread. So what’s stopping us?