Page 12 - The Banks Article

Diagram 5; Best Paid Bosses Ref 4

Liberal Democrat leader Vince Cable said: 'It's absolutely

extraordinary that when these large banks are having to pay
vast fines for systematic misconduct, their chief executives are

paying themselves such staggering sums.' (7)

However, Australia, in the 2017 announced, in its federal

budget, that senior banking executives will have their

salaries regulated and bonuses delayed as part of a new
accountability scheme.

• Executives face fines of up to $200 million for
serious misconduct

• Bank executives will need to be registered

• 60pc of CEO bonuses and 40%of other senior
executive’s bonuses to be deferred for minimum

four years

The Australian Prudential Regulation Authority (APRA) will

receive $4.2 million in funding over four years to implement
the measures. (8)