Barry Tootell has resigned as chief executive of the Co-operative Banking Group, apparently because the bank is struggling with its finances. I do not know how much he was paid as chief exec, but I imagine it was more than the minimum wage, and probably a lot more.
It is common and has been for many years now for company directors to earn salaries that resemble telephone numbers. I have heard it argued that directors deserve their salaries if they can make companies more competitive. What I would like to know is whether or not the directors of a failing company should repay their salaries on the grounds that they were obviously unfit for purpose?
Maybe the government could legislate on regulating directorial salaries to ensure that the good are rewarded but not the inept. Don't hold your breath.
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