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Home > News and Publications > Bonus information
 

Bonus information

Subject/Request Details: Bonus information

Date Released: 26 June 2009

Disclosure:

1) What was total size of the bonus pool in monetary terms?
2) What were the 10 biggest bonuses awarded, and in which divisions and departments?
3) Who were the 10 biggest bonuses awarded to?
4) What were the five biggest bonuses in the Markets division? What were the names and titles of the people who received the bonuses?
5) What were the five biggest bonuses in the Monetary Analysis and Statistics division? What were the names and titles of the people who received the bonuses?
6) What were the five biggest bonuses in the Banking Services division? What were the names and titles of the people who received the bonuses?
7) What were the five biggest bonuses in the Financial Stability division? What were the names and titles of the people who received the bonuses?
8) How many executive directors received bonuses last year? What was the size of the bonus and what was the size of the salary? What were their names?

I can confirm that the Bank hold information relevant to your request and am able to respond to certain of your questions as follows:

1) The total size of the bonus pool was £5,656,990 and the average bonus was £3,538.

2) The top 10 bonuses were between £20,000 and £30,000.

8) The average bonus for the executive directors was £18,316 and that the average salary excluding bonus was £175,411. All the Executive Directors received a bonus.

The Bank is unable to disclose the remaining information which you have requested, as it is exempt from disclosure under section 40(2) FoI Act. Section 40(2) provides: "Any information to which a request for information relates is also exempt information if - (a) it constitutes personal data which does not fall within subsection (1)" [ie personal data of which the FoI Act applicant is the data subject]; "and (b) either the first or second condition below is satisfied." Under section 40(3) the first condition concerns disclosure of any information to a member of the public which would contravene any of the Principles in Part 1 of Schedule 1 to the Data Protection Act 1998. The information in question comprises personal data of individuals (other than yourself) which, if disclosed, would breach one or more of the Data Protection Act Principles. In particular, we consider that such information would identify (or assist in the identification of) the individuals concerned and that disclosure of such information would breach Principle 1 of the Data Protection Act, which requires data to be processed lawfully and fairly.

However, I can provide the following table, made available internally to Bank staff, which you may find of interest.

The table shows how bonus awards were distributed to individuals. The quartiles are arrived at by ranking the bonus awards (as a percentage of actual salary) in order and then dividing them into four equal blocks - the lowest 25% of awards are in quartile 4, the next 25% in quartile 3 etc. The overall distribution was as follows:

Bonus Award Minimum Average Median Maximum
Quartile 1
(highest 25% of awards)
8.4% 10.7% 10.3% 27.8%
Quartile 2
(next 25% of awards)
7.0%  7.5%  7.5%  8.4%
Quartile 3
(next 25% of awards)
4.1%  5.7%  5.6%  7.0%
Quartile 4
(next 25% of awards)
0.0%  2.5%  3.0%  4.1%

 

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