Banks across Europe are racing to amend executive pay deals by the end of the month in an attempt to adhere to new EU bonus rules and secure shareholder approval at upcoming annual meetings.
“It couldn’t be a more difficult time,” said one remuneration committee member whose bank’s annual meeting is looming in May. “Our lawyers thought they had all the paperwork done and signed off. Now they’re looking at whether they can redraft everything in time.”
Banks and their shareholders were thrown last week when the EU pushed through a long-debated plan to cap senior bankers’ bonuses at the level of their salaries – or twice that tally with the express approval of investors. The rules are set to come into force in January 2014.
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