Executive pay: How CBI's stance was reported
Sir Roger Carr's article in the Times - in which he points out that the debate over bonuses overlooks the contribution business makes to the UK - has led much of today's media coverage of the issue
News organisations were quick to follow up CBI president Sir Roger Carr’s assertions on executive pay in the Times today – which came in the wake of the decision by the RBS chief executive, Stephen Hester (pictured above, right), to turn down his bonus of nearly £1m.
Read Sir Roger Carr on bonuses in the Times
More from the CBI on executive pay
Sir Roger (pictured left) wrote: “The chances of enticing others to take on difficult tasks of national importance have undoubtedly been jeopardised. Not by the remuneration he didn’t receive but for the vilification he did. This cannot be in the long-term public interest.”
The Financial Times led on the Labour leader, Ed Miliband, denying that he had conducted a “witch hunt” against bankers, and acknowledged Sir Roger’s contribution to the debate, writing:
“The president of the CBI business group wrote to The Times on Tuesday, saying the political pressure that led to Stephen Hester, Royal Bank of Scotland’s chief executive, giving up his £1m bonus sent a negative message to the rest of the business community.”
Meanwhile, the Huffington Post UK headlined its piece on the subject: “Bankers' Bonuses: CBI Head Warns On 'Vilification' Of RBS Chief Stephen Hester”, and adds another quote from the CBI president’s Times piece: "In today’s world, more than ever, doing the right thing is also the right thing to do in business."
The Press Association take on the issue – which appeared on the Guardian.co.uk site – also quoted Sir Roger’s “vilification” line. And the piece continued: “The CBI president, Sir Roger Carr, warned that "populist" attacks on City "fat cats" risked driving away talented people and investment from the UK.”
Finally, Politics Home led its coverage with: “A business leader has hit back at political pressure on bankers to return their bonuses, after Stephen Hester gave up his package worth almost £1m.”