Walker report makes small steps towards transparency but nothing like enough
November 26, 2009 12:01 AM
Commenting on the Walker Report into bank pay and governance, published today, Liberal Democrat Shadow Chancellor, Vince Cable said:
"The Walker report makes a few small steps towards transparency but nothing like enough.
"It only deals with remuneration over a million pounds when it should relate to all pay above the level of the Prime Minister.
"More seriously, transparency should relate to individuals in the way that it already does to company directors.
"MPs and senior BBC executives have rightly had their pay packages exposed to public scrutiny but bankers also enjoy a taxpayer guarantee. There is no justification for withholding information on individual high end employees from the public or shareholders.
"The underlying point is that banks continue to depend on a taxpayer guarantee and until they can be fundamentally restructured and broken up, the Liberal Democrats will continue to argue that they should pay a fee to the taxpayer."
