Report - Standard Chartered exec's pay 'utterly nuts'

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Standard Chartered Deputy Chief Executive Officer Mike Rees, who survived a management overhaul last month, earned $72m in the six years after the financial crisis, company filings show.

Bloomberg News reports that Rees, 59, the architect of Standard Chartered’s corporate and investment bank, earned $6.95m last year on top of the $65m awarded in the period 2009 to 2013, more than departing CEO Peter Sands at $5.1m, according to company filings.

The firm’s returns on equity and assets, measures of profitability, have slumped over the past six years.

'From a shareholder perspective this is utterly nuts, because you’ve got a senior executive getting whacking great payments even when performance is worse than peers', said Chris Roebuck, a visiting professor at Cass Business School. 'Investors need to get a grip and pressure the board to make performance measurements for executives reflective of the real performance of the business'.

To access the complete Bloomberg News article hit the link below:

Standard Chartered Deputy CEO Rees Earns $72 Million Post-Crisis

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