Newsletter 15 May 2015
Last month we wrote to you about the pay package that the Co-op Bank is planning to award its boss, Niall Booker (up to £5 million if he "exceeds" targets). You contacted the bank in your hundreds to ask the bank how this pay was justified.
The bank has responded, but it has really only set out the process behind the decision, rather than address our complaints that the package isn’t fair and responsible - especially for a bank supporting co-operative values like equality and equity.
We’ve written the bank an open letter today, asking the bank to explain and Niall Booker to turn the bonus down.
The letter points out that Niall Booker’s pay package is bigger than those of bank bosses at Barclays or Royal Bank of Scotland, although these banks are more than ten times larger than the Co-op. The Chief Executive of Royal Bank of Scotland (which is majority-owned by the government and also owns Natwest) agreed earlier this year to hand back his bonus. If he can do it, so can Niall Booker.
.@CoopBankUK £5 million is not a fair, responsible pay package. Niall Booker – do the right thing and refuse your bonus! #SaveOurBank
Or write on the bank’s Facebook page here.
Bank cuts overdraft charges and fees
You probably got a booklet in the post in recent weeks about changes to the Co-op Bank’s (and smile’s) overdraft fees. The bank has scrapped the £20 fee for arranging an overdraft as well as the annual £20 fee for renewing it, and it has lowered other charges. This all looks good, and helps show the bank is listening to customers’ concerns.
The bank says: “you spoke: we listened”. Good. We hope they listen to us on the Chief Executive’s pay package as well.
With best wishes
The Save Our Bank team.