Virgin Money salaries

enquirer22

I am outraged by the salaries executives earn in supposedly ethical institutions. Example: Virgin Money have just employed two losers at shameful salaries, pensions, and options.

Peter Bole, Chief Financial Officer, arriving from Tesco Bank which recently reported that more than 40k customers lost money because of their negligence over internet access. Peter Bole will be paid an annual base salary of £500,000. In addition he will receive pension contributions of 20% of base salary, life cover, permanent health insurance and private medical cover. He will be eligible to receive an annual bonus and an annual award under the Virgin Money Long Term Incentive Plan, which together will not exceed 200% of fixed pay. He will also receive one-off awards to compensate for remuneration forfeited as a result of leaving his current employer’s share incentive arrangements. On joining Peter will receive (i) an award of Virgin Money shares with a value of £653,873, which is not subject to performance conditions; and (ii) an award of Virgin Money shares with a value of £472,914, subject to Virgin Money performance conditions. Both of these awards will vest in line with Peter’s forfeited awards from his current employer.

Hugh Chater to join as Chief Commercial Officer. Hugh joins from Royal Bank of Scotland - an icon of great banking failures, negligence and losses.

They are, of course, buddies and doubtless chums with the current execs of Virgin Money. Isn't it time something was done about this?

ManofLeisure_2

enquirer22 wrote: »

. Isn't it time something was done about this?

What do you suggest?

JimLad

To play devils advocate here....they are a private company so cant they do / pay people what they want?

jimjames

ManofLeisure wrote: »

What do you suggest?

I'd suggest not putting any money with that institution if you're unhappy with it's policies. Stick to credit unions and you might feel better even if you're less rich.

Ectophile

You'll certainly be less rich if you save with my local credit union. 0% interest on savings, and a £3 per year fee for the privilege of having an account. They lend the money out at 26.8% interest. I wouldn't call that ethical - to me, it's a rip-off.