Last year a new term began circulating around the City - "copping a Mendelsohn ".
This vernacular described the benefit awarded to ill-fated Royal &SunAlliance
group chief executive Bob Mendelsohn on leaving the company with a share price
at a 50-year low. Namely £1.2m and a few thousand pounds in bonuses.
Norwich Union chairman Patrick Snowball has probably taken heed, as his renumeration for 2002 is modest by comparison. In NU's report and accounts published last week Snowball's basic salary, 2002 bonus and benefits package amounted to £538,000 in 2002, as compared to £495,000 in 2001.
Very reasonable indeed.