EU proposals to cap bankers' bonuses could be in breach of European rules governing pay, paving the way for a potential legal challenge by banks, according to some City lawyers. The reforms, which are set to come into effect next year, were this week backed by EU finance ministers despite opposition from Chancellor George Osborne, and would see bankers' bonuses capped at the same level as their basic salary, or twice salary with shareholder approval.
March 07, 2013 at 07:03 PM
1 minute read
The original version of this story was published on Legalweek
EU proposals to cap bankers’ bonuses could be in breach of European rules governing pay, paving the way for a potential legal challenge by banks, according to some City lawyers.
The reforms, which are set to come into effect next year, were this week backed by EU finance ministers despite opposition from Chancellor George Osborne, and would see bankers’ bonuses capped at the same level as their basic salary, or twice salary with shareholder approval.
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