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Top bankers ?should disclose pay”

Banks will face new scrutiny over the million-pound big-hitters on the payroll under an overhaul of pay and governance unveiled today.

Sir David Walker said banks and other financial institutions should publish the number of staff paid more than £1 million - but individuals will be able to keep their anonymity.

Chancellor Alistair Darling welcomed the final report of the Walker review of banking governance and pay and promised that the Government will move swiftly to implement Sir David’s recommendations.

“Sir David’s proposals are the blueprint for how banks must be run in the future,” said the Chancellor.

But Liberal Democrat Treasury spokesman Vince Cable blasted the plans, saying they made “ few small steps towards transparency but nothing like enough“.

In his report, Sir David called on banks to disclose details on the total pay - including salary, pension and both received and deferred bonuses - of employees outside the boardroom for the first time.

Potentially hundreds of top earners will be bracketed in bands of £1 million to £2.5 million, £2.5 million to £5 million and in bands of £5 million thereafter.

The Treasury said that draft regulations will be published in the New Year and brought into effect soon afterwards, to force disclosure for the 2010 performance year.

This was posted in Bdaily's Members' News section by Ruth Mitchell .