Upgrade Now

Myners wants bank disclosure over £500,000

Date: Wednesday 10 Mar 2010

UK banks may have to disclose how many employees earn more than £500,000 per year, under a new proposal by City Minister Lord Myners that is likely to infuriate senior bankers.

Cutting the threshold to £500,000 could mean the levels of pay tens of thousands of City staff would have to be disclosed.

Currently, banks have a duty to disclose only what their board members earn, but change to the disclosure requirements was recommended last year by Sir David Walker in his report into corporate governance at banks.

The Walker report recommended that banks say how many staff earn above £1m per year in bands of £500,000 rising to £5m, after which the disclosure of numbers would be in bands of £1m. Individuals themselves will not be named.

Myners proposal, which is still open to consultation, is much stricter than the Walker report and the bank's trade body dismissed it as a pre-election stunt.

“In the run-up to a general election, bashing bankers still remains a popular political sport,” said Angela Knight, chief executive of the British Bankers Association. “We would urge the government to focus on the economic problems of this country rather than pin more blame on the banks.”

“We will continue to lead on this issue -- David Walker’s proposals will be implemented to give shareholders much more power and information to shape remuneration policies at banks,” Myners said, adding “In some cases we may go further.”

« Go back to news channel

Email this article to a friend

or share it with one of these popular networks:


Top of Page