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Pay and bonuses to become public this week
The Asia News.Net
Sunday 22nd November, 2009
UK banks will be ordered to disclose this week the pay and bonuses of their high-paid employees.
For the first time in UK banking history, the boards of financial companies will have to reveal the pay scales of around 1,000 top earners in the country.
Remuneration committees will be set up with the ability to set and revise pay policy right across different banks, in a review of corporate governance.
The wages for all executives’ at large financial institutions, paid more than the average board director, will have to be disclosed.
Companies will have to detail how many executives sit within a series of pay bands and will be required to disclose how the remuneration in each of those bands is divided between salary, bonus and pension contributions.
The government this week said it wanted at least half of all bonuses deferred for at least three years to discourage short-term risk-taking.  Email this story to a friend
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