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Banks to face tougher salary disclosure requirements
Accountancy News |
11/03/2010
Banks will be forced to disclose how many employees earn more than £500,000-a-year under new government plans.
The financial services secretary Lord Myners has formulated draft proposals that would require information on salaries, bonuses, pensions and other bonuses to be published.
Disclosures would be made in £500,000 bands up to £5 million, with additional £1 million categories thereafter.
The peer's plan represents a tougher course of action than that proposed by the Walker Review last year.
Sir David Walker suggested that banks should be made to reveal the number of earners they have between £1 million and £2.5 million, £2.5 million and £5 million, and upwards.
Presently, UK banks are only required to make public the details of salaries for board-level employees.
Last week, HSBC announced it had granted its head of investment banking Stuart Gulliver a £9.8 million package as reward for "exceptional performance" last year.
Posted by John Lynes
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