UK banks to disclose executive payments
Wednesday 7 December 2011 - by Andrew.Hickley@gfsnews.com
The UK government's draft proposals will see new rules demanding that the rewards given to a bank's eight most senior non-board executives must be disclosed from 2012.
The measure was agreed as part of the 'Project Merlin' deal on bank lending to small businesses in February, which also included the voluntary disclosure of the salaries of banks' five most highly paid executives below board level.
The proposals come a day after the Association of British Insurers called for a "fundamental shift" in corporate remuneration policy.
"It can no longer be business as usual for this remuneration round," the insurance body said in the letter to all UK-listed banks.
A change is necessary with banks across the board cutting their numbers of employees and with additional capital needed to meet new regulatory initiatives, it argued.
The consultation for the government's proposals ends on 14 February 2012.
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