The question of bankers' remuneration is certainly getting more than its fair share of press coverage, but is it a case of more smoke and less light, particularly in relation to who is likely to be subject to these proposals? And it remains to be seen if the government and regulators extend the scope of these requirements to include other financial institutions, such as investment firms and fund managers.
There is little doubt that in the court of popular opinion, "bankers" and the bonus payments they may receive for bringing the economy to the brink of collapse and then profiting from government bailouts is a highly emotive subject. The various initiatives of the Financial Stability Forum (FSF), the Walker Review of Corporate Governance, the FSA's Remuneration Code, the European Commission's proposed amendments to the Capital Requirements Directive (CRD) and the Federal Reserve's supervisory initiatives are vague in their scope and it remains unclear how regulators may choose to impose
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