Speaking to the House of Lords yesterday, Myners agreed that more had to be done in forcing banks to stop the excess remuneration of its top bankers.
He said: “There is precious little evidence that those at the top of our banks do really appreciate the concerns about the extraordinary levels of income they receive.
“At least 5,000 people working in the banking sector in the UK will receive, if nothing is done, in excess of £1m in remuneration.”
Myners was speaking to the Lords to announce implementation of proposals set out by the Walker review that will allow the Government to force banks to cut bonuses. This comes as reports suggest that directors of RBS are preparing to quit if they are denied bonuses.
Myners argued that recipients of large remuneration should not be ‘named and shamed’, rather shareholders should be questioning the pay packets of its firm’s top earners.
He said: “I think the real responsibility here must lie with the shareholders. Accordingly I have written to the National Association of Pension Funds, the Confederation of British Industries 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?”’