Touchdown: Bonus, we don’t need no stinking bonus

In a logical world, the CEOs of Canada’s banks would be recognized for their superior recent efforts. They would be applauded for largely shielding our financial sector from the weakness that has crippled so many U.S. and global giants. For generally outperforming their international counterparts. For avoiding the paralytic credit crunch that has choked Europe and America. And they would receive bonus cheques commensurate with that achievement. In a logical world. But we live on Earth, not Vulcan. That’s why it was so smart for bank CEOs to step forward earlier this week and voluntarily forfeit their multi-million dollar bonuses. In fact, there are two good communications lessons to be drawn from this single touchdown. First, symbolic gestures count for a lot. By foregoing well deserved pay, the CEOs send an important signal that they ‘get it’ – that they are not oblivious to the hardship so many of their clients are suffering. Second, by sacrificing their bonus pay the CEO’s actually invite positive attention as to how our banks have performed. Such scrutiny would have been impossible to secure were they defending their entitlement to such large top-ups. Goes to show you that there’s more than one way to live long and prosper.