House of Commons
EDM #1626
Tabled 12 September 2018
2017-19 Session
That this House notes with disgust that TSB's outgoing chief executive, Paul Pester, is leaving with a payoff of almost £1.7m, despite being in charge during an IT disaster which caused chaos and financial problems for many customers; does not see how this aligns with TSB's principle that severance payments are paid in line with the principle off no rewards for failure; further notes that the bank is currently investigating whether Pester will receive even more compensation; believes that this money would be much better spent compensating customers for the inconvenience and stress caused by TSB's failures; calls on TSB to reconsider this payout; and urges the financial sector to cease excessive executive payouts, particularly in cases of poor performance, and to reduce the ratio between highest pay and the salaries of ordinary employees.

Signatures (5)

The first 6 Members who have signed to support the motion are the sponsors. The primary sponsor is generally the person who tabled the motion and has responsibility for it. The date shown is when the Member signed the motion.
There are no withdrawn signatures for this Motion