Here, published on 11 February 2013.
“…if you’re earning £1m a year, after tax that’s £500,000; after the amount that’s in stock that you can’t access for three years, that’s £300,000; and you’ve got to educate three kids privately. Bankers aren’t wealthy any more”
Alex Preston in the New Statesman on the rise and fall of investment banking, tracing the history of IBs from the Louisiana Purchase in 1803, through the rise of Barings and Rothchild, JP Morgan and Goldman Sachs in the nineteenth century, 1929 and Glass-Steagall, the de-regulation of the 1980s and 1990s, the debt boom and the financial crisis, to the new challenges to investment banks – regulation, disintermediation, shadow banking and overwhelming public antipathy.
No, according to this report in the New York Times on a recent study by two US academics who:
“…conclude, contrary to the prevailing line, that chief executives can’t readily transfer their skills from one company to another. In other words, the argument that C.E.O.’s will leave if they aren’t compensated well, perhaps even lavishly, is bogus. Using the peer-group benchmark only pushes pay up and up.read more »
The Times reported on 13 September 2012 that Legal & General Investment Management has banned remuneration consultants from meetings with company management:
“Sacha Sadan, the director of corporate governance at LGIM, said that when pay consultants were present, they tended to dominate proceedings. He added that LGIM, which owns 4 per cent of the stock market, was not alone in outlawing pay advisers from its meetings with management. “If the chair of the remco [remuneration committee] can’t explain the policy, then that means it is not right,” he said.”
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Directors’ pay in quoted companies: draft regulations and Government consultation document published
The Department of Business, Innovation and Skills today published the draft regulations that will implement the Government’s plans to reform the pay of quoted company directors. The regulations are contained in this consultation document. The accompanying BIS press releases are here and here.