Yes, at the same time the theoretical public value of the company must be tumbling (if anyone were foolish enough to buy it) the internal share price will keep rising as it's valued on a net asset value basis. So any profit left over after bonuses are paid will increase the net assets of the company. So it's rising for the first reason you give.From a briefing I had from someone in Corporate, it's also rising for the second reason you give, plus the effect over time of the rising share price - as the price rises, they issue fewer and fewer shares as part of the bonus awards, and more and more shares come back as people retiring or leaving sell their shares back to the company. This is why the shares are golddust to anyone with a large number of them - i.e. the top few in charge.The upshot of this is the pay award thing will be an inevitable shafting - risible increases if any, at the same time more of the bonus pool swiped to try and reward partners, most of whom are not big shareholders and now (relatively speaking) never will be. So we will suffer in the downturn, and not see the due reward from any recovery.Don't expect this to change - would you change the system if you were a big shareholder given the above?Abandon this sinking ship...