Use your vote over building society chief’s pay

LATELY a leaflet dropped though my front door, informing me that Yorkshire Building Society was to hold its AGM, and proudly stating on the front cover “Owned by you” and “For You”.

The society has lately reduced its Triple Access Saver from 2.25 per cent to 1.65 per cent gross – a 27 per cent decrease. Still, if things are bad, at least they’re bad for all of us; doesn’t the 
pay policy state “a significant part of the remuneration (for executive directors) should be based on the group’s performance?”

Looking at 2012 pay packets confirms that with the chief executive getting around one quarter of his total of £617,000 from performance related pay. So what’s happening in 2013?

Well, to ensure that performance plays a slightly smaller part of that total, the chief executive is receiving a 20 per cent increase in his basic £462,000 salary taking his basic pay to £554,000 and making him less reliant on the performance of the company.

To put that amount in perspective, David Cameron receives £142,000 salary, Angela Merkel £194,000, and Barack Obama £256,000. I find it hard to believe that the role of chief executive of a building society is more demanding than that of the President of the United States.

If you are as brassed off as I am with these sort of bankers’ salaries, then why not use your vote at the AGM?