Spoiling For A Debate - Andrew Smithers Makes Case That Bonus Culture Crushes Investment

Kate Welling
Welling on Wall Street, 20th September 2019

Andrew Smithers, the now officially retired but still indefatigable founder of London’s Smithers & Co. has written another of his insistently provocative and unerringly timely books "Productivity and the Bonus Culture" on the often unhappy intersection between sharp financial practices and too-fuzzy-for-our-own good economic conceits.

This time, Andrew tackles the lacklustre pace economic growth that’s increasingly fuelling populist rumblings against Western capitalism. Characteristically, he pulls no punches — after meticulously putting all his data ducks in a row. Andrew fingers the cause, the “bonus culture” that has corporate managers doing exactly what they’re being paid for —instead of investing for growth. Happily, he also suggests fixes, and his slim volume is a must-read. Just be forewarned. Andrew is also honourable, and acknowledges his cures will come with at a sobering cost.

Welling on Wall Street