Bonus is reward for Equitable boss

THE vote for a compromise at troubled insurer Equitable Life is a personal triumph for its chairman, urbane lawyer Vanni Treves, who was brought in to clear up the mess.

Unlike customers, he is now in line for a big bonus, taking his modest £60,000 salary up to £300,000. His lieutenant Charles Thomson is set to double his £275,000 pay with a bonus due in March.

The pair have come under fire from action groups for their fat bonus cheques and for 'ruthlessly' pushing through the compromise at a cost of £30m, aided by spin doctors. They have also been accused of failing to improve Equitable's administrative problems.

Treves refuses to say when he will quit Equitable and return to his lucrative day job at City law firm Macfarlanes.

Paul Braithwaite, of the Equitable Members' Action Group, said: 'We say a polite thank you to Treves and Thomson but suggest that once the scheme has been adopted, it would be appropriate for them to step aside.'