Should we see greater disclosure of salaries in the future?
It has been revealed that the Royal Bank of Scotland is considering publishing the salaries of its top managers in the future, after significant criticism from a committee of MPs. The bank is majority owned by the UK government and the authorities appear set to try and increase the transparency to offset ongoing taxpayer anger against the amount of money used to support the UK banking system.
There is some debate as to whether it is morally correct to publish the salaries and incomes of those below board level and whether in fact there may be some human rights act issues coming into play. The truth is that while there has been significant criticism of the salaries and bonuses paid to many in the UK banking industry, the vast majority of taxpayers and consumers understand that to attract the best to the UK there is a need to offer comparable employment packages with overseas competitors.
The issue of the risk/reward ratio is also something which many people have an opinion on but at the end of the day, while risks need to be monitored very carefully, without risk there would be no forward movement in the financial sector.
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