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Banks may have to reveal number of £500,000 earners
10 Mar 2010Banks may have to disclose the number of employees who earn more than £500,000 under government plans announced today.
Names would not be published but banks would have to reveal details of total salaries, bonuses, share awards and pensions in bands. These would be set from £500,000 to £5 million then rising every £1 million.
The proposals outdo recommendations from an investigation into bank pay last year.
City Minister Lord Myners said today that, while the issue of pay remained “contentious”, Britain should not be open to accusations of “shirking” the challenge.
“From the outset of the crisis, the Government has been focused on eliminating rewards for failure and ensuring that remuneration does not incentivise excessive risk-taking,” he said.
Proposals from last year's report by Sir David Walker into compensation and structures at banks are due to be implemented and are aimed at empowering shareholders to shape remuneration policies.
But Lord Myners said the Government “may go further” than the Walker recommendations. The regulations suggest narrower disclosure bands, bringing the threshold down from £1 million.
“We will consult on that idea, but, as the Chancellor has said, most people are convinced that far more disclosure is important, because they will then be able to see precise remuneration practices,” Lord Myners said.
Reader views (9)
You can't do it just for banks without good reason. This is a name and shame operation that is politically vindictive and grossly unfair to one specific group.
Either everyone from anyh industry is under the same cosh or no one is.
Myners knows better and is just pandering to the Marxist Leninist Stalinists in Downing Street.
What can we expect next form this dead in teh wood government?, anyone with 3 books of green shield stamps to come forward.
This makes the trip to Afghanistan with all the sick political flak that justifiably followed for sick electioneering tame by comparison.
Lets not forget these are strage times and we can only home that once the present Labour lunatics we have had to endure are back in the asylum of the political wilderness after May we will then have a Conservative government in situ as has always happened before to mop up and sort out the garbage left by Labour.
- Robert Marshall, LONDON, 11/03/2010 16:59
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"Excuse me darling it says in the paper that you are earning over £500,000 a year" reply "Sorry dear, its a misprint, carry on with your day job"
- Ann Other, Lake District, 11/03/2010 08:20
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Surely who earns what is already available to the government,??
- Davey_Bouy, Chertsey, 10/03/2010 14:32
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While we are about it how many quangos are there set up in the last decade and how many heads of such quangos earn over £100000. 500 , !000, more? Thats a few billion, enough to build a good few houses. Which would you rather have a quango enquiring into the arguments about the number of bed bugs on the tube or people able to live in decent homes.
- Alan,, England., 10/03/2010 14:22
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and the point of this is???
who cares how much anyone in a bank earns. As long as the bank works within the required regulations - which should be tightened......
the term 'name and shame' is often used particularly by the politicians - but I fail to see why anyone should be ashamed of being well paid in any capitlist society. You may as well say that any business should be ashamed of being succesful....
- Martin_Clerkenwell, london, 10/03/2010 14:16
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All manner of things i would like to know. How many local and NHS administrators earn over £250000. How many BBC administrators, presenters so called celebs. earn over £100000. How many sportsman, actors, celebs, heads of industry and their partners are Non Doms. How many people own private jets as i am taxed because of the Co2 from my car. In short wouldnt it be nice to know many things, but dream on they cant even get an answer in Prime Minister Question Time.
- Alan,, England., 10/03/2010 14:09
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Alex from your rational you would like to know who in Government also lost all the money as well..
You don't have to look to far do we Mr G. Brown
- Max, London, 10/03/2010 13:13
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Pointless.
- Abominable Snow Man, London, 10/03/2010 12:09
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I'm not interested in who earns the money now. I want to know who lost all the money. Banks should disclose which of their employess were responsible for such catastrophic losses and disclose where they work now, so investors know who is looking after their money.
- Alex C, London, 10/03/2010 11:54
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