A Jaded Nation

This week, the Edelman Trust Barometer revealed statistics which confirmed something we all knew: only 30 percent of the nation "found CEOs to be believable spokespeople for their organisation". The statistics show a nine percent drop in our faith from 2010. The survey also found something which reflects where the missing faith has been placed - there was a 25 percent rise in the credibility of "people like yourself".

This subject has been debated and dissected a million times over before I even begin typing, but I found myself drawn to this article, dry as it may have appeared when I started reading, for reasons which became clearer as I read on. The problem isn't just that the Goodwins and the Hesters of the corporate world are seemingly being rewarded for a botch job; the bigger problem is that as a nation, we can't identify with their apparent values and work ethic in the slightest.

Stephen Hester was away at his chalet in Switzerland for the weekend when he received the news that ministers and the media were outraged by his RBS shares bonus, and that he probably wasn't going to see a penny of it.  Cue images flying around in my mind of a downtrodden balding guy in a Christmas jumper, holding his head in hands by an open log fire, on a leather sofa, being consoled by his beautiful wife who strokes his back with perfectly manicured fingers. Amidst general economic despair and climbing unemployment, particularly in youth unemployment figures might I add, how could we, as a nation, possibly relate to his woes, or feel that he could represent us in any way, shape, or form?

Hester's basic salary is £1.4 million; from our perspective, the bonus he's missing out on sounds like a drop in the ocean to a guy like him. Most of us cannot imagine what earning that amount may feel like, but we do know what it feels like to stand in Topshop for half an hour, stroking that dress and convincing yourself that you earned it, and you really really need it because essentially, you are pumping money back into the economy, or if all else fails it's OK to not buy lunch for the rest of the month. Yes, I speak from personal experience.

I've drawn my own conclusions from these results, and the overriding factor for me isn't that I can't trust any CEOs in the world - it's that there aren't many I can relate to on a human level. We're almost led to believe they are a super-human robot race, built to serve the purpose of their company and naught else. As noted in my previous blog post, I have a lot of respect for Antonio Horta-Osorio, Lloyds Group's CEO for refusing his bonus, and I definitely believe that the sudden focus on bankers' bonuses and the media's ethical frenzy over them was in part set-off by his actions (amongst other factors).

Sometimes it takes one to know one - and most of us can probably deduce now if we haven't already, that becoming CEO of a bank is not in our life plan.

Just say 'No' to bonuses

Antonio Horta-Osorio, chief executive of the Lloyds Banking Group, broke the mould this week by refusing his annual bonus worth £2.4 million. Some say this is just a very clever PR stunt, and oh, coincidentally, he is just back from a much-talked about two month hiatus. The news of Osorio rejecting his bonus comes just days before it was announced that RBS chief executive Stephen Hester was more than happy to receive his annual bonus of £1 million, at a time when 3,600 members of staff are being made redundant at RBS. 


But the naive, truth-seeking little girl in me wants to hope that he refused it on genuine compassionate grounds - guilt. While I'm normally the first person to leer and revel at a rich man's misfortunes (shadenfreude actually suits me quite well sometimes), Osorio seems to be in real, human suffering.


Yes, those words and the word "banker" don't technically fit well into the same sentence, but after being signed off for two months due to insomnia and health issues, I do think it's acceptable to feel a marginal amount of pity for the guy. Even if his annual salary does come up to £1.6 million I will never, ever get to see in my lifetime. Ever.


The truth of the matter is, (again I stress this bearing in mind the amount of positive publicity he is gaining for Lloyds) it makes him seem more human, less infallible. He reminds us that sometimes, it's OK to admit we're not OK, and that he can't always get it right. And on those grounds, he refuses to be rewarded for it.


This is a simple human instinct, and one which I applaud him for embracing. After two months off from the banking industry, it would be nice to think that he's become a little bit more empathetic towards the average minimum wage earner, and his mindset as a millionaire banker has been diluted.


While it's easy to feel very little compassion for someone who most of us cannot relate to, I do believe that just saying no to a bonus which is larger than your annual salary might be hard. He was offered it, and he refused it. In the same position, would I have done the same? Probably not.


Sometimes it's easy to dehumanise people when it suits our needs, and particularly when the media helps us along our way. Osorio is showing initiative by taking the lead, and saying "No, I don't deserve this," before any other bank has done so. 


Having said all this, Osorio has hit the headlines during a time when Lloyds' share prices are dipping - hmmm... Maybe I won't be going into banking any time soon.