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Standard Chartered boss Bill Winters is set to earn a £13.1m bonus every year, it was revealed today.
This is 34,600 times more than the average UK salary of £37430 per year.
Shareholders of the banking giant are set to approve Winter’s pay policy at this year’s annual general meeting. It comes after the UK scrapped the EU bonus cap put in place to limit risk taking in the aftermath of the 2008 financial crisis.
Stanchart also today announced that Winters had been handed a £10.7m pay package for 2024, a 46% jump from a year earlier.
Standard Chartered said: “The new policy represents the most significant change for many years and, as such, we engaged extensively and transparently with our major shareholders throughout the review.”
The offer came as StanChart announced that Winters had been handed a £10.7m pay package for 2024, a 46% jump from a year earlier, thanks to a long-term incentive scheme bonus worth £6.1bn.
Commenting on his new prospective package – and cut salary – Winters told journalists: “I’ll have to explain to my mother why my salary has been cut by half… but if we perform well, I’ll earn more money. If we perform poorly, I’ll earn quite a bit less than I would have otherwise. That’s exactly as it should be.”
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