UK Banks Said Considering Putting Bonuses To Shareholder Vote

The Observer reports that some of the biggest UK banks are giving thoughts to allowing their shareholders to vote on the size of their bonus pots at annunal meetings.

The idea, still in the early stages of development, would be one way the banks hope they can defuse anger at the size of banker bonus pots.

The newspaper says that there is some doubt about whether shareholders 'would be keen to be offered a separate vote as this would then put the onus on them to approve' the payouts; in other words, shareholders are quite happy moaning about bonuses, but wouldn't want to be put in a position where they are responsible for the consequences for the business if they chose to reduce, or do away with payouts altogether.

In the meantime, The Telegraph reports that a group of UK institutional investors is considering bringing a US-style class-action lawsuit against The Royal Bank of Scotland 'in a bid to recover millions of pounds of losses incurred when the bank collapsed in 2008'.

According to the newspaper, the claims are likely to centre on the bank's 2008 $18.5bn rights issue, which took place shortly before the firm was forced to turn to the UK government for a $69.3bn bailout.

JefferiesAnd the Best Place to Work in the global financial markets 2017 is...

Register for Financial Markets News Alerts