The pay and bonuses of hundreds of traders and financiers will have to be publicly declared under a UK Treasury-backed plan to curb excessive and risky remuneration. Alistair Darling, chancellor, wants banks to be more transparent about what they pay their top earners to expose them to more scrutiny from the media, public and shareholders. An interim report by David Walker, former chairman of Morgan Stanley International, will propose on Thursday that pay, bonuses and pension details should be revealed for all staff earning more than the average executive salary in the boardroom. This could affect between 200 and 300 people most big banks, although the report proposes that the anonymity of individuals be preserved by listing remuneration in bands.

This entry was posted by Paul Murphy on Thursday, July 16th, 2009 at 5:51 and is filed under Capital markets. Edit this entry.