The Cash Conjuror ; Nationwide Boss Philip Williamson has Discovered the Secret of Producing Bonuses That Go Up Each Year Even When His Performance Goes Down. (It's a Pity It Only Works for Him)

Summary

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When is a performance bonus not a performance bonus? When it is the one paid to Nationwide chief executive Philip Williamson, who enjoys a reward scheme that could have come straight from Alice In Wonderland.

In the topsy-turvy world of the mutual boardroom, his bonus goes UP even if his performance goes DOWN.

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Extract

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The Cash Conjuror ; Nationwide Boss Philip Williamson has Discovered the Secret of Producing Bonuses That Go Up Each Year Even When His Performance Goes Down. (It's a Pity It Only Works for Him)

But the 15,000 employees at Britain's biggest building society have to make do with a boring old-fashioned scheme that pays out only if they deserve it.

Last year, Williamson enjoyed a salary of Pounds 476...

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