Simon Culhane FSI, Chief Executive of the Securities & Investment Institute (SII) says that his members welcome the further guidance provided by the FSAs recently published Code of Practice on remuneration policies.
The FSA code embraces nearly all of those principles contained in the SIIs own code, but we are disappointed that the FSA did not follow the SII in requiring that details of bonus payments should be shown in companies annual report and accounts, says Simon.
Transparency is an important element of the message that the banking industry needs to deliver in recognising its responsibilities to the public. By demonstrating this in a tangible manner, as required in the SIIs code, the industry could go a long way to restoring the trust which currently it has lost.
L.D.