Bank pay to be revealed at the top January 2012
Posted date: 21 December 2011
The earnings of the highest paid eight individuals at UK banks should be revealed, according to a Government proposal.
The information, to be anonymously disclosed, would affect institutions with more than £50 billion worth of assets. The only banks to escape this regulation are those inside the European Economic Area, as they fall under their home rules.
The legislation is aimed to capture those with “managerial” responsibilities and will not affect executive boards, which already have to reveal their pay.
The proposals are currently undergoing a consultation which will close on 14 February 2012. If the regulation proceeds it is expected that banks will disclose pay details, including fixed and variable remuneration, by the end of December 2012.
Nicholas Stretch, Partner at CMS Cameron McKenna LLP, notes that the practice of revealing pay below board-level is becoming a theme in the Coalition.
“However, whether public disclosure of pay details actually supports a better risk environment (the supposed motivation behind these proposals) remains highly debatable,” he said.
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- January 2012
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