Osborne under pressure as bonuses surge to £35m at bailed-out banks

Source: The Guardian

George Osborne is facing calls to explain bonus payouts worth an estimated £35m that have been handed out by the bailed-out Royal Bank of Scotland and Lloyds Banking Group.

The scale of the rewards – including £3m in shares to the new RBS boss Ross McEwan – were announced to the stock exchange as it emerged the European commission is considering a new clampdown on boardroom pay by requiring firms to disclose a ratio for the gap between executive pay and the pay of an average employee.

In a move that would emulate the pay structure at the employee-owned John Lewis – where the chairman cannot earn more than 70 times the average pay rate throughout the company – the commission is working on proposals that would force the 10,000 stock market-listed companies across the EU to reveal pay ratios. Any such move would make it possible to compare bosses' pay and highlight any who are paid excessively in relation to their peers. [div style="display:none;"]OKJK1
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Read more: http://www.theguardian.com/business/2014/mar/07/bailed-banks-rbs-lloyds-management-team-bosses-bonus-payouts-35m