British banks required to fess up on pay

Gordon Brown’s UK government proposed a law change this week requiring British banks to disclose the salaries and bonuses given to their highest-paid traders and executives.

The Financial Services Bill will compel banks to publish for the first time the number of executives it has in specific pay bands as well as the long-term remuneration of the most senior executives.

Brown told parliament “The banks and the financial institutions must understand that a return to their old ways is unacceptable. Our bill will automatically make any remuneration contract that contravenes the rules void and nullified.”


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