The Bonus Culture Trundles On...

My column in the Herald Express 9th January 2015

Sunrise over Singer Court

Recent research reveals that if you worked at the sharp end of Goldman Sachs in 2013 that the annual monster bonus event was a time of celebration! Those intrepid risk takers each received £2,570,000 bonuses on average. Meanwhile the poor old risk takers and senior staff at RBS over the same period only received a tasty £600,000 on average. Not a bad income boost when all is said and done.

I don’t know whether you noticed that news sound bite over the Christmas period and if you did what was your reaction? Probably, like most of us, you simply shrugged your shoulders. The problem is, or so it seems to me, that so much sensational news is too often received with a shrug of the shoulders. Why is that? It is quite likely because so much of what is happening to us seems to be outside of our control. If that is the case then perhaps the occasional raising of an eyebrow is all that we can hope for.

These monster bonus decisions tend to be decided by the financial gatekeepers and despite the turmoil in the money markets the bonus culture trundles on. Of course it isn’t only the money men that expect a bonus for doing what they are paid to do efficiently. Many of the higher echelons of the Civil Service, NHS and other similar bodies also anticipate huge annual bonuses. Many senior posts have a large cosy bonus as part of the contract of employment but at least one, Network Rail’s Mark Carne, may not take his this year after the Christmas rail chaos. Hmm. We’ll see.

You might ask why I use the word gatekeeper in this context. An accountant once told me that he who controls the quill controls the money. Those with the power have a habit of protecting themselves and the people immediately around them. They toast the system with the words “Here’s to us and those like us” which immediately excludes those not part of this exclusive world. That is why the word gatekeeper offers a glimpse of why little is likely to change. If you guard the gate then you decide who comes in and who stays out.

If we simply accept that the self-appointed gatekeepers decide to reward each other little will ever change. Part of our reluctance to change is I suspect the worry that rejection may threaten our own socio-economic stability. You will be aware of the political rhetoric surrounding the payment of huge bonuses but since so many of our political elite benefit from the system there isn’t, despite the rhetoric, really that much appetite for change.

2015 is election year and so if you have an appetite for change then this might be your chance to come up for air. Once again you might find yourself facing the gatekeeper mentality and so take a good look at the names on the ballot paper. Comments like “They’re all the same” may have some validity but doesn’t really help. This is the time to engage with the people making the decisions and has to be an excellent reason for hopping down from the fence!

Talking about fences, I have to say how impressed I am with the new pathway through what is left of Oldway Mansion’s Fernacombe Wood. The new huge apartment block called Singer Court (see picture) is now towering above that part of Paignton and a little woodland walk has been constructed outside the newly fenced grounds. I recommend this short walk as a way of accessing the Oldway Mansion gardens that are still being beautifully maintained by Torbay Council. I was however a little curious about the ‘No Horse Riding’ sign since it a long time since I have seen any horses trotting down the busy Paignton to Torquay road!

Thinking about local developments in general I have to say how impressed I was the other day when I made my first visit to Living Coasts in Torquay. It’s been on my list of things to do for quite a while and so during the Christmas holiday I made the effort. It really is an interesting place and the knowledgeable staff made sure that visitors had every opportunity to learn. I timed my visit to include lunch at their terrace café overlooking the whole of Torbay and found the whole experience quite atmospheric. Recommended!

That little jaunt has prompted me to produce a list of other South Devon places of interest for 2015 visits including Torre Abbey, Torquay Museum, Kent’s Cavern, Bygones and the Model Village in St Marychurch, Coleton Fishacre and Brixham Heritage Museum. I plan to add steam trains and river trips to my rapidly expanding list. We live in a stunning part of the world and that has to be something for us all to celebrate.

Keep the smile!