Britain’s banks will be spared the embarrassment of giving details of big bonus payments to staff in their annual reports next spring, after the UK Treasury admitted the relevant legislation would not be on the statute book in time.
The delay to new disclosure requirements is likely to lead to a highly contentious bonus round in February and March, taking place as Britain enters the first stage of the governing coalition’s austerity programme.
It represents a setback in an international shift to improve both the structure and transparency of bankers’ bonuses.
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