Former RBS chairman Sir Tom McKillop has defended former CEO Sir Fred Goodwin’s ludicrous £703,000 a year pension by saying there was a need for a “consensual” departure, ie they had to be nice to Fred otherwise he might have left in a huff, and said that Lord Myners, the government minister who allegedly approved it, has been telling porkies.
Myners has accused the RBS board, led by McKillop, of an “elaborate ruse” to give Fred his unjust rewards, even though he’d only been working at the bank for a decade or so and is currently aged just 51.
Myners is himself under fire for being paid a fortune as chairman of an off-shore based re-insurance company (nearly all of them are).
McKillop’s not a bad guy, but even as former CEO of giant drugs company Astra-Zeneca he was out of his depth in dealing with avaricious bankers.
Myners used to be one, so he’s eminently well-qualified on how to advise the Government to deal with these characters.
Fred could get both of these characters off the hook by giving back some of his money.
C’mon Fred, do the decent thing.