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This would put his remuneration package, assuming he continues to waive bonus entitlements, almost on a par with his £560,000 starting salary in 2004/05.
A penitent Peter Wuffli, ousted as UBS's chief executive in July 2007, has returned SFr12m ($10m) in bonus entitlements to the Swiss bank.Bankers are desperately trying to placate their critics.
Along with a pledge to forgo a month's salary this year and assuming he continues to waive his bonus entitlements, Thompson's overall remuneration for the 12 months to the end of March 2011 is likely to fall to near the £560,000 he took home in his first year as director general in 2004/05.
Rangers have refused to divulge details of chief executive Graham Wallace's bonus entitlements following a demand by supporters groups.
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"As chief executive, I believe my bonus entitlement should reflect the performance of the group but also the tough financial circumstances that many people are facing," Mr. Horta-Osorio said.
"As chief executive, I believe my bonus entitlement should reflect the performance of the group but also the tough financial circumstances that many people are facing," Mr. Horta-Osório said.
The Church, which holds a significant amount of its £8 billion assets as shares in companies, said it will challenge the City's bonus entitlement culture by rejecting soaring director pay deals as the annual meeting season gets under way.
If there is a clause in your contract of employment (which there often is) stating that you must be employed and not under notice "as at the bonus payment date", you may lose your bonus entitlement when you leave.
In 2004, his decision to forgo a bonus entitlement of £200,000 did not stop outrage over his purchase of a Porsche 911, just before he announced the cost-cutting programme.
Shareholders had been furious that Hester and other board members would get a quarter of their bonus entitlement if the bank's share price breached 50p – a level it had broken before the terms of the bonus had even been finalised.
Danny Alexander said, "all of us would prefer we... didn't have this culture of bonus entitlement", but he said, "for the wider taxpayer interest, this is the way we've got to go".
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