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City of London
change the board – that’s their ultimate sanction. However, you need to bear in mind that you are in a global industry, with global talent that is capable of moving at will to different jurisdictions – and they’re in it for the money.
I’ve spoken on two occasions to new intakes of recruits for the banking sector and I certainly try and downplay the issue of bonuses – because if the thought of bonuses as big as telephone numbers is what is driving you, you are entering the industry with the wrong mindset. The bonus should follow the contribution that you are capable of making in an industry that you enjoy. There’s a fine divide between being innovative, enthusiastic and committed, and being reckless. It will be up to companies’ risk management procedures to keep people on the right side of that line.
How is a potential change in government likely to affect the relationship between Whitehall and the City?
The election is right upon us and no doubt some very bold comments are going to be made about what legislation might be brought in to limit bonuses. Well, that’s fine – but let’s wait and see what happens to the talent. Will they stay here or will they go overseas to earn a larger bonus?
We’ve got to play on the global stage. London has always evolved – it never stands still and it has always risen to the challenges it has been faced with. London’s success has not come about through any strategic plan that has been devised. Governments have taken various decisions over the years but the industry has always managed to respond and adapt to that and it’s still here.
In my speeches I always encourage industry to engage with government on all fronts – sharing our thoughts and needs with them will help our government to help us, not just domestically but in Europe as well.
Any government would be foolish not to embrace what is here in the City. If you look at what the City might be like in 2020 you will find that’s greatest asset will still be its cluster. But if the cluster starts to get dismantled then London’s attraction starts to diminish, therefore that is what we need to protect.
THE ROLE OF LORD MAYOR
As head of the City of London Corporation, which provides business and local government services to the City, the Lord Mayor of London’s principal role is as an ambassador for all UK-based financial and professional services. The Lord Mayor listens to City businesses and advises the government of the day on what is needed to help the financial services sector to function well.
The Lord Mayor is elected for one year and the position is unpaid and apolitical. In that year, the Lord Mayor will spend some 90 days abroad and address around 10,000
people face-to-face each month (making around 700 speeches a year).
He or she also supports the City of London’s other responsibilities, from providing services to the local community, to maintaining parks, museums and arts spaces around London, and schools in neighbouring boroughs. As well as presiding over the City of London’s governing bodies –the Court of Aldermen and the Court of Common Council –the Lord Mayor is Chief Magistrate of the City of London, Admiral of the Port of London and Chancellor of City University.
SPRING 2010
London has
always evolved – it never
stands still and it has always risen to the challenges it has been faced with
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