Banking: Bonuses

House of Lords written question – answered on 24th November 2010.

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Photo of Lord Myners Lord Myners Labour

To ask Her Majesty's Government whether banks will be required to produce detailed reports in early 2011 quantifying all bonuses paid in excess of £500,000 in respect of the calendar year 2010, as proposed by the report published by Sir David Walker.

To ask Her Majesty's Government, further to the Written Answer by Lord Sassoon on 20 October (WA 174), how they define unacceptable bonuses; and how prevalent they believe such bonuses to be in the banking sector.

To ask Her Majesty's Government, in the light of the review of corporate governance in United Kingdom banks and other financial industry entities, what action they are taking to ensure that a remuneration disclosure framework is in place in time for the production of the 2010 calendar year annual reports and accounts.

Photo of Lord Sassoon Lord Sassoon The Commercial Secretary to the Treasury

The Financial Services Authority has been consulting on implementation of the European Union's Capital Requirements Directive on the remuneration disclosure regime that increases transparency and improves the oversight of the linkage between pay and risk. Firms covered by the regime will be required to make disclosures in respect of the 2010 financial year.

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