Amidst the debate over bankers' bonuses and Jacqui Smith's housing allowances this past few weeks we read today of a shining example of leadership from Sir Richard Pym, the Executive Chairman of Bradford and Bingley. Sir Richard has reportedly taken a £400,000 pay cut, given up his guaranteed £187,000 p.a. bonus and reduced his notice period from 2 years to one day. A rare example of someone showing leadership ahead of any ruling or action from the Treasury.
I don't know the man, the history of his leadership or whether he was overpaid to start with but in an era when the Boards of semi-nationalised banks and poorly performing privately owned banks are willing to pay themselves generous bonuses, regardless of performance and the economic climate, this decision is a great example to those who hold significant positions of leadership in our society. The question for me is why aren't there more examples of such behaviour today?
Last weekend Peter Oborne wrote a brilliant analysis of Jacqui Smith's housing situation and how the powers that be are lined up not to expose her - as most of them - the BBC, the Speaker and even fellow MPs are vulnerable in different ways to similar charges of taking more than they should really ought to. It is tragic that we have got to this point - where people who are elected or appointed to positions of leadership choose to feather their own nests or determine a path through rules where they stay just inside what is permissible but miss the point in terms of the spirit of the law and in the process undermine yet further public confidence in politicians.
Be it in politics or in banking what we need are people who are able to look beyond their own interests, see the privilege of being in a position to deliver change or steward other peoples interests and find reward for doing the job well at a fair wage rather than seek to make a killing because they can get away with it. Until we have bankers who see they have obligations to society as well as to the shareholders and until we have politicians who see the need to serve for the sake of serving rather than to look after themselves first we are on a slippery slope. Leaders should do the right thing - regardless of what they can get away with.
Well done to Sir Richard - I hope Jacqui Smith sees the example and considers carefully what she should really be doing with her allowances as a consequence.
