Government outlines bank pay disclosure plans

More bankers will be forced to disclose their wages, if new proposals from the government are implemented.

Financial services minister Paul Myners has outlined plans that will build on those outlined in the Walker review, Reuters reports.

The move, which may result in more high net worth individuals having to disclose their personal wealth, would see financial institutions required to publish information on how many staff earn aggregate salaries starting from £500,000.

’This will include proposals for narrower disclosure bands than Walker proposed, starting with salary packages below the one million pound floor that he suggested,’ Mr Myners was quoted as saying in a speech in London.

He noted that ’most people’ agree more disclosure regarding pay is important, but added that a consultation will be run on the idea.

A number of bank bosses have refused their bonuses this year, with Michael Geoghegan and Peter Sands, the chief executives of HSBC and Standard Chartered respectively, recently announcing that they are donating their pay to charity. ADNFCR-2318-ID-19660919-ADNFCR