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  Alexander - no I included them in the example and answer. The losses of the overall business is not relevant because the 100 'business units' may have met their specific targets which will help towards the longer term recovery of the business. It is fully justifiable.
  
  Performance is measured against the benchmarks set for the individual. If that is the manager of a fund investing in FTSE100 companies that benchmark may be to outperform the FTSE100 by, say 2% in a year, that means if the FTSE100 falls by 5% but their fund falls only 3% they will have still met their benchmark having made the right investment decisions. In so doing they moderated the losses and therefore deserves their bonus which might be a fraction of a percentage of the funds under management. The same applies to managers, a company might be making losses overall but if their unit achieves it budget and meets targets then they deserve the bonus. It is by achieving those targets you can get a business into a better position. As I said, what is wrong is paying a bonus where they have not met benchmarks.

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