From the TUC

Lord Myners asks TUC to crack down on bank million-a-year staff

02 Dec 2009, by in Economics, Labour market

Lord Myners has just told the Lords:

“I would estimate that at least 5,000 people working in the banking industry in the UK will receive, if nothing is done, remuneration in excess of GBP1 million this year.

I think the real responsibility here must lie with the shareholders. Accordingly I have written to the National Association of Pension Funds, the CBI and the TUC urging them to use their influence to persuade trustees to ask their fund mangers: ‘What are you doing to stop these quite unreasonable and unjustified levels of remuneration?’

The decisions about bonuses are going to be made over the next six to eight weeks and it is important our major institutions engage now with the companies and say that ‘we will not support grotesque payments and if you persist in paying them we will exercise our votes to remove from the board the people who authorised them’.”

2 Responses to Lord Myners asks TUC to crack down on bank million-a-year staff

  1. John Gray
    Dec 2nd 2009, 9:08 pm

    Rock on Lord Myners! By co-incidence I am currently writing up my report on my latest Local Government Pension Scheme Panel and Pension committee meeting. I wish Lord Myners had said this beforehand. It would have been interesting to raise the question with our fund managers. I suppose we need to write to our Panel and Committee chairs? Will ask UNISON Capital Stewardship unit for advice methinks. Or will the TUC send out advice?

  2. Some big (and some not so big) numbers « Connected Research
    Dec 4th 2009, 11:56 am

    […] are likely to receive a ‘remuneration package’ this year of £1,000,000 (or more). Myners is writing to the NAPF, the CBI and the TUC to ask them to use their influence to persuade fund managers to stop these ‘unreasonable and […]