Proxy advisory firms back plans for hikes in maximum payouts 18 months after removal of banker bonus cap
UK banks are expected to win approval for massive pay increases in the coming weeks after convincing influential shareholder advisers that hiking maximum payouts for chief executives by more than 40% would give them a competitive edge.
ISS and Glass Lewis, two prominent proxy advisory services that suggest how shareholders should vote on company policies at annual meeting, have backed NatWest, Barclays and HSBC over plans to substantially increase potential payouts after the removal of the UK banker bonus cap in late 2023.
