{"id":55846,"date":"2025-02-28T11:21:51","date_gmt":"2025-02-28T16:21:51","guid":{"rendered":"https:\/\/allianceadvisors.com\/uk-bankers-bonus-cap-removal-a-shift-in-financial-governance\/"},"modified":"2025-05-26T06:45:45","modified_gmt":"2025-05-26T10:45:45","slug":"uk-bankers-bonus-cap-removal-a-shift-in-financial-governance","status":"publish","type":"post","link":"https:\/\/allianceadvisors.com\/ko\/uk-bankers-bonus-cap-removal-a-shift-in-financial-governance\/","title":{"rendered":"UK Bankers\u2019 Bonus Cap Removal: A Shift in Financial Governance"},"content":{"rendered":"<div class=\"wpb-content-wrapper\">[vc_row css_animation=&rdquo;fadeIn&rdquo; content_placement=&rdquo;bottom&rdquo; column_spacing=&rdquo;0px&rdquo; wpex_bg_image_source=&rdquo;featured&rdquo; css=&rdquo;.vc_custom_1740763265762{background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}&rdquo; min_height=&rdquo;450px&rdquo;][vc_column wpex_bg_image_source=&rdquo;featured&rdquo; css=&rdquo;.vc_custom_1738695614909{background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}&rdquo; wpex_bg_position=&rdquo;center center&rdquo;]<div class=\"vcex-spacing wpex-w-100 wpex-clear\" style=\"height:300px;\"><\/div><style>.vcex-heading.vcex_68e45c899ac7c{width:600px;color:var(--wpex-accent);font-size:var(--wpex-text-6xl);font-weight:600;line-height:var(--wpex-leading-tight);}@media (max-width:479px){.vcex-heading.vcex_68e45c899ac7c{font-size:30px;}}<\/style><h1 class=\"vcex-heading vcex-heading-plain vcex-module wpex-heading wpex-text-2xl wpex-max-w-100 wpex-mr-auto vc_custom_1740760034678 vcex_68e45c899ac7c\"><span class=\"vcex-heading-inner wpex-inline-block\">UK Bankers&rsquo; Bonus Cap Removal: A Shift in Financial Governance<\/span><\/h1><style>.vcex-heading.vcex_68e45c899cddf{width:600px;color:var(--wpex-accent);font-size:var(--wpex-text-lg);font-weight:600;line-height:var(--wpex-leading-tight);}@media (max-width:479px){.vcex-heading.vcex_68e45c899cddf{font-size:16px;}}<\/style><h3 class=\"vcex-heading vcex-heading-plain vcex-module wpex-heading wpex-text-2xl wpex-max-w-100 wpex-mr-auto vc_custom_1740760883666 vcex_68e45c899cddf\"><a href=\"https:\/\/allianceadvisors.com\/staff-member\/ahmed-suliman\/\" class=\"wpex-no-underline wpex-inherit-color-important\" target=\"_self\"><span class=\"vcex-heading-inner wpex-inline-block\"><span class=\"vcex-heading-icon vcex-heading-icon-left vcex-icon-wrap wpex-mr-5\">By<\/span>Ahmed Suliman<\/span><\/a><\/h3><div class=\"vcex-spacing wpex-w-100 wpex-clear\" style=\"height:50px;\"><\/div>[\/vc_column][\/vc_row][vc_row][vc_column]<div class=\"vcex-spacing wpex-w-100 wpex-clear\" style=\"height:30px;\"><\/div>[\/vc_column][\/vc_row]In 2023, the UK witnessed a significant regulatory change with the removal of the cap on bankers&rsquo; bonuses. Originally introduced as part of the post-2008 financial reforms to curb excessive risk-taking, the <a class=\"glossaryLink cmtt_Executive Compensation\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Bonus&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; Additional compensation paid to an executive based on performance, company profitability, or...&lt;\/div&gt;&lt;div id=&amp;quot;cmtt_related_articles&amp;quot; class=&amp;quot;cmtt_related_articles_wrapper&amp;quot;&gt;&lt;div class=&amp;quot;cmtt_related_title cmtt_related_articles_title&amp;quot;&gt;Related Articles: &lt;\/div&gt;&lt;ul class=&amp;quot;cmtt_related&amp;quot;&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/2023-u-s-proxy-season-review\/&amp;quot;&gt;2023 U.S. Proxy Season Review&lt;\/a&gt;&lt;\/li&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/ensuring-effective-shareholder-engagement\/&amp;quot;&gt;Ensuring effective Shareholder engagement&lt;\/a&gt;&lt;\/li&gt;&lt;\/ul&gt;&lt;\/div&gt;&lt;div class=glossaryTooltipMoreLinkWrapper&gt;&lt;a class=glossaryTooltipMoreLink href=https:\/\/allianceadvisors.com\/ko\/glossary-index\/bonus\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\"  data-link=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/bonus\/\"  href=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/bonus\/\"  data-mobile-support=\"0\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex='0' role='link'>bonus<\/a> cap faced criticism for allegedly hindering the global competitiveness of UK banks. This shift marks a pivotal moment in the financial sector, with both opportunities and challenges for stakeholders to navigate.\n<p>In November 2024, the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) initiated a joint consultation aimed at simplifying guidelines under the new regime. Key proposals included reducing the bonus deferral period and permitting dividend payments on deferred bonuses to be made in shares. These changes aim to enhance alignment between compensation practices and performance, potentially fostering a more dynamic and competitive financial services sector.<\/p>\n<p>While the maximum ratio of variable remuneration to fixed pay remains in place, the removal of the cap has sparked debates about its potential consequences. Proponents argue that it may help UK banks attract and retain top talent by allowing them to offer more competitive compensation packages. However, critics highlight concerns about increased risk-taking and emphasize the need for robust governance mechanisms to mitigate potential negative outcomes. Banks now face the dual challenge of incentivizing performance while safeguarding financial stability and public trust.<\/p>\n<h3>Highest paid banking CEOs across US, Europe, and the UK 2023<\/h3>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_section css_animation=&rdquo;fadeIn&rdquo;][vc_row remove_bottom_col_margin=&rdquo;true&rdquo;][vc_column]<figure class=\"vcex-image vcex-module wpex-text-center\"><div class=\"vcex-image-inner wpex-relative wpex-inline-block vc_custom_1740765538816\"><img width=\"2220\" height=\"835\" src=\"https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2025\/02\/V2_521_UK-BANK-BONUS-CAP-REMOVALs-CHART.png?lossy=1&amp;ssl=1\" class=\"vcex-image-img wpex-align-middle skip-lazy\" alt=\"\" data-no-lazy=\"1\" srcset=\"https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2025\/02\/V2_521_UK-BANK-BONUS-CAP-REMOVALs-CHART.png?lossy=1&amp;ssl=1 2220w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2025\/02\/V2_521_UK-BANK-BONUS-CAP-REMOVALs-CHART-300x113.png?lossy=1&amp;ssl=1 300w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2025\/02\/V2_521_UK-BANK-BONUS-CAP-REMOVALs-CHART-1024x385.png?lossy=1&amp;ssl=1 1024w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2025\/02\/V2_521_UK-BANK-BONUS-CAP-REMOVALs-CHART-768x289.png?lossy=1&amp;ssl=1 768w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2025\/02\/V2_521_UK-BANK-BONUS-CAP-REMOVALs-CHART-1536x578.png?lossy=1&amp;ssl=1 1536w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2025\/02\/V2_521_UK-BANK-BONUS-CAP-REMOVALs-CHART-2048x770.png?lossy=1&amp;ssl=1 2048w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2025\/02\/V2_521_UK-BANK-BONUS-CAP-REMOVALs-CHART.png?lossy=1&amp;w=444&amp;ssl=1 444w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2025\/02\/V2_521_UK-BANK-BONUS-CAP-REMOVALs-CHART.png?lossy=1&amp;w=888&amp;ssl=1 888w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2025\/02\/V2_521_UK-BANK-BONUS-CAP-REMOVALs-CHART.png?lossy=1&amp;w=1332&amp;ssl=1 1332w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2025\/02\/V2_521_UK-BANK-BONUS-CAP-REMOVALs-CHART.png?lossy=1&amp;w=1776&amp;ssl=1 1776w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2025\/02\/V2_521_UK-BANK-BONUS-CAP-REMOVALs-CHART.png?lossy=1&amp;w=1920&amp;ssl=1 1920w\" sizes=\"(max-width: 980px) 100vw, 980px\"\/><\/div><\/figure>[\/vc_column][\/vc_row][vc_row css=&rdquo;.vc_custom_1740762606264{border-right-width: 1px !important;border-bottom-width: 1px !important;border-left-width: 1px !important;padding-top: 20px !important;padding-right: 20px !important;padding-left: 20px !important;border-left-style: solid !important;border-right-style: solid !important;border-bottom-style: solid !important;border-color: #393939 !important;}&rdquo;][vc_column][vc_column_text css=&rdquo;&rdquo;]<b>United States: <\/b>Jamie Dimon (JPMorgan Chase)<sup>1<\/sup>: $36 million; Brian Moynihan (Bank of America): $29 million<sup>2<\/sup>;<span class=\"Apple-converted-space\"><br>\n<\/span><b>Europe: <\/b>Sergio Ermotti (UBS): $15.9 million<sup>3<\/sup>; Ana Bot&iacute;n (Banco Santander): $13.1 million<sup>4<\/sup>; Christian Sewing (Deutsche Bank): $9.4 million<sup>5<\/sup>;<span class=\"Apple-converted-space\"><br>\n<\/span><b>United Kingdom:<\/b> Noel Quinn (HSBC): $13.4 million<sup>6<\/sup>; Bill Winters (Standard Chartered): $9 million<sup>7<\/sup>[\/vc_column_text][\/vc_column][\/vc_row][\/vc_section][vc_row][vc_column][vc_column_text css=&rdquo;&rdquo;]\n<h3>Competitive Landscape<b><\/b><\/h3>\n<p>To evaluate the UK banking sector&rsquo;s competitiveness, it is best to compare it with other regional markets. An analysis of the 2023 CEO compensation at the top banks by market capitalization in the US, Europe, and the UK reveals a significant disparity. The salary levels of UK banking executives lag behind their counterparts, supporting the argument for higher pay to enhance the sector&rsquo;s global competitiveness. It is worth noting that the incomplete data limits the ability to draw definitive conclusions.<\/p>\n<h3>Market Impact so far<b><\/b><\/h3>\n<p>The regulatory change has prompted swift responses from leading financial institutions. Barclays, HSBC, and Lloyds Banking Group, for instance, submitted proposals at their 2024 Annual General Meetings (AGMs) seeking shareholder approval to set flexible ratios of variable pay to fixed pay for Material Risk Takers (MRTs). These proposals aim to encourage higher performance standards by linking variable pay more closely to performance metrics.<\/p>\n<p>Such changes would grant remuneration committees greater flexibility to adjust compensation structures without adhering to previous limits. However, material shifts in pay practices, especially in terms of quantum, are unlikely to occur before the next remuneration policy cycle, with most FTSE All-Share companies scheduled to present their policies at their 2026 AGMs. Investor sentiment regarding significant salary increases is expected to remain cautious, with shareholder value alignment being a critical prerequisite for support. This regulatory change should be viewed as a step towards bridging the gap in salary competitiveness between the UK and other regions.<\/p>\n<h3>AGM and Corporate Governance Landscape Considerations<b><\/b><\/h3>\n<p>Ultimately, strong <a class=\"glossaryLink cmtt_Corporate Governance Advisory\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Corporate Governance&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; The system of rules, practices, processes, and structures by which a company is directed and...&lt;\/div&gt;&lt;div id=&amp;quot;cmtt_related_articles&amp;quot; class=&amp;quot;cmtt_related_articles_wrapper&amp;quot;&gt;&lt;div class=&amp;quot;cmtt_related_title cmtt_related_articles_title&amp;quot;&gt;Related Articles: &lt;\/div&gt;&lt;ul class=&amp;quot;cmtt_related&amp;quot;&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/compensation-advisory-case-study\/&amp;quot;&gt;Case Study: Previously, Failed Say on Pay Proposal Compensation Advisory, Shareholder Meeting Advisory&lt;\/a&gt;&lt;\/li&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/apac-power-generation-company\/&amp;quot;&gt;Case Study: EGM &amp;#8211; Shareholder Engagement&lt;\/a&gt;&lt;\/li&gt;&lt;\/ul&gt;&lt;\/div&gt;&lt;div class=glossaryTooltipMoreLinkWrapper&gt;&lt;a class=glossaryTooltipMoreLink href=https:\/\/allianceadvisors.com\/ko\/glossary-index\/corporate-governance\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\" data-link=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/corporate-governance\/\" href=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/corporate-governance\/\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">corporate governance<\/a> will continue to be a decisive factor in securing shareholder support for changes to remuneration frameworks. The removal of the bonus cap is likely to amplify investor and <a class=\"glossaryLink cmtt_Proxy Solicitation\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Proxy Advisor&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; Firms like ISS and Glass Lewis that provide institutional investors with research, analysis,...&lt;\/div&gt;&lt;div id=&amp;quot;cmtt_related_articles&amp;quot; class=&amp;quot;cmtt_related_articles_wrapper&amp;quot;&gt;&lt;div class=&amp;quot;cmtt_related_title cmtt_related_articles_title&amp;quot;&gt;Related Articles: &lt;\/div&gt;&lt;ul class=&amp;quot;cmtt_related&amp;quot;&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/compensation-advisory-case-study\/&amp;quot;&gt;Case Study: Previously, Failed Say on Pay Proposal Compensation Advisory, Shareholder Meeting Advisory&lt;\/a&gt;&lt;\/li&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/apac-power-generation-company\/&amp;quot;&gt;Case Study: EGM &amp;#8211; Shareholder Engagement&lt;\/a&gt;&lt;\/li&gt;&lt;\/ul&gt;&lt;\/div&gt;&lt;div class=glossaryTooltipMoreLinkWrapper&gt;&lt;a class=glossaryTooltipMoreLink href=https:\/\/allianceadvisors.com\/ko\/glossary-index\/proxy-advisor\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\"  data-link=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/proxy-advisor\/\"  href=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/proxy-advisor\/\"  data-mobile-support=\"0\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex='0' role='link'>proxy advisor<\/a> scrutiny, particularly given remuneration&rsquo;s status as one of the most scrutinized AGM <a class=\"glossaryLink cmtt_AGM (Annual General Meeting) and EGM (Extraordinary General Meeting)\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Agenda&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; A structured outline of topics and activities to be covered during an AGM or EGM, including...&lt;\/div&gt;&lt;div id=&amp;quot;cmtt_related_articles&amp;quot; class=&amp;quot;cmtt_related_articles_wrapper&amp;quot;&gt;&lt;div class=&amp;quot;cmtt_related_title cmtt_related_articles_title&amp;quot;&gt;Related Articles: &lt;\/div&gt;&lt;ul class=&amp;quot;cmtt_related&amp;quot;&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/compensation-advisory-case-study\/&amp;quot;&gt;Case Study: Previously, Failed Say on Pay Proposal Compensation Advisory, Shareholder Meeting Advisory&lt;\/a&gt;&lt;\/li&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/apac-power-generation-company\/&amp;quot;&gt;Case Study: EGM &amp;#8211; Shareholder Engagement&lt;\/a&gt;&lt;\/li&gt;&lt;\/ul&gt;&lt;\/div&gt;&lt;div class=glossaryTooltipMoreLinkWrapper&gt;&lt;a class=glossaryTooltipMoreLink href=https:\/\/allianceadvisors.com\/ko\/glossary-index\/agenda\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\"  data-link=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/agenda\/\"  href=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/agenda\/\"  data-mobile-support=\"0\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex='0' role='link'>agenda<\/a> items.<\/p>\n<p><a class=\"glossaryLink cmtt_Institutional Shareholder Engagement cmtt_Institutional Shareholder\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Institutional Shareholder&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; Institutional Shareholder is a large investor that owns significant amounts of stock in...&lt;\/div&gt;&lt;div id=&amp;quot;cmtt_related_articles&amp;quot; class=&amp;quot;cmtt_related_articles_wrapper&amp;quot;&gt;&lt;div class=&amp;quot;cmtt_related_title cmtt_related_articles_title&amp;quot;&gt;Related Articles: &lt;\/div&gt;&lt;ul class=&amp;quot;cmtt_related&amp;quot;&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/the-importance-of-pre-agm-shareholder-engagement-cornerstone-practices-for-greater-china-2023\/&amp;quot;&gt;The Importance of Pre-AGM Shareholder Engagement Cornerstone Practices for Greater China 2023&lt;\/a&gt;&lt;\/li&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/policy-updates-for-united-states-in-2023-iss\/&amp;quot;&gt;Policy Updates for United States in 2023: ISS&lt;\/a&gt;&lt;\/li&gt;&lt;\/ul&gt;&lt;\/div&gt;&lt;div class=glossaryTooltipMoreLinkWrapper&gt;&lt;a class=glossaryTooltipMoreLink href=https:\/\/allianceadvisors.com\/ko\/glossary-index\/institutional-shareholder\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\" data-link=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/institutional-shareholder\/\" href=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/institutional-shareholder\/\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">Institutional Shareholder<\/a> Services (ISS) and Glass Lewis have already acknowledged the development in their recent reports, signalling its potential inclusion in future <a class=\"glossaryLink cmtt_Shareholder Vote Projection\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Voting Guidelines&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; Criteria and principles used by institutional investors and proxy advisory firms to evaluate...&lt;\/div&gt;&lt;div id=&amp;quot;cmtt_related_articles&amp;quot; class=&amp;quot;cmtt_related_articles_wrapper&amp;quot;&gt;&lt;div class=&amp;quot;cmtt_related_title cmtt_related_articles_title&amp;quot;&gt;Related Articles: &lt;\/div&gt;&lt;ul class=&amp;quot;cmtt_related&amp;quot;&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/compensation-advisory-case-study\/&amp;quot;&gt;Case Study: Previously, Failed Say on Pay Proposal Compensation Advisory, Shareholder Meeting Advisory&lt;\/a&gt;&lt;\/li&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/apac-power-generation-company\/&amp;quot;&gt;Case Study: EGM &amp;#8211; Shareholder Engagement&lt;\/a&gt;&lt;\/li&gt;&lt;\/ul&gt;&lt;\/div&gt;&lt;div class=glossaryTooltipMoreLinkWrapper&gt;&lt;a class=glossaryTooltipMoreLink href=https:\/\/allianceadvisors.com\/ko\/glossary-index\/voting-guidelines\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\" data-link=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/voting-guidelines\/\" href=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/voting-guidelines\/\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">voting guidelines<\/a>. This underscores the heightened attention issuers should anticipate in upcoming policy discussions.<\/p>\n<h3>Preparing for Change<b><\/b><\/h3>\n<p>UK banks must proactively engage with stakeholders to address emerging concerns. Key investor questions may include:<\/p>\n<ul>\n<li>Does the company plan to implement changes to its remuneration policy at the next vote?<\/li>\n<li>Without the fixed-to-variable <a class=\"glossaryLink cmtt_&ldquo;Say on Pay&rdquo; provisions\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Compensation Ratio&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; The ratio of CEO pay to the median employee pay within a company. Say on Pay provisions may...&lt;\/div&gt;&lt;div id=&amp;quot;cmtt_related_articles&amp;quot; class=&amp;quot;cmtt_related_articles_wrapper&amp;quot;&gt;&lt;div class=&amp;quot;cmtt_related_title cmtt_related_articles_title&amp;quot;&gt;Related Articles: &lt;\/div&gt;&lt;ul class=&amp;quot;cmtt_related&amp;quot;&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/hosting-an-annual-shareholders-meeting-prepare-earlier-says-esg-veteran\/&amp;quot;&gt;Hosting an annual shareholders&amp;#8217; meeting? &amp;#8216;Prepare earlier&amp;#8217; says ESG veteran&lt;\/a&gt;&lt;\/li&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/activism-trends-in-north-america-europe-and-asia\/&amp;quot;&gt;Activism trends in North America, Europe and Asia&lt;\/a&gt;&lt;\/li&gt;&lt;\/ul&gt;&lt;\/div&gt;&lt;div class=glossaryTooltipMoreLinkWrapper&gt;&lt;a class=glossaryTooltipMoreLink href=https:\/\/allianceadvisors.com\/ko\/glossary-index\/compensation-ratio\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\" data-link=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/compensation-ratio\/\" href=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/compensation-ratio\/\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">compensation ratio<\/a> requirement, what alternative ratio will the company adopt?<\/li>\n<li>Will the bonus deferral period for MRTs be reduced?<\/li>\n<li>How will performance metrics be adjusted to align with strategic goals?<\/li>\n<li>What implications will change to <a class=\"glossaryLink cmtt_Executive Compensation cmtt_&ldquo;Say on Pay&rdquo; provisions\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Executive Compensation&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; Executive compensation is the financial compensation and benefits package provided to top-level...&lt;\/div&gt;&lt;div id=&amp;quot;cmtt_related_articles&amp;quot; class=&amp;quot;cmtt_related_articles_wrapper&amp;quot;&gt;&lt;div class=&amp;quot;cmtt_related_title cmtt_related_articles_title&amp;quot;&gt;Related Articles: &lt;\/div&gt;&lt;ul class=&amp;quot;cmtt_related&amp;quot;&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/the-importance-of-pre-agm-shareholder-engagement-cornerstone-practices-for-greater-china-2023\/&amp;quot;&gt;The Importance of Pre-AGM Shareholder Engagement Cornerstone Practices for Greater China 2023&lt;\/a&gt;&lt;\/li&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/2023-u-s-proxy-season-review\/&amp;quot;&gt;2023 U.S. Proxy Season Review&lt;\/a&gt;&lt;\/li&gt;&lt;\/ul&gt;&lt;\/div&gt;&lt;div class=glossaryTooltipMoreLinkWrapper&gt;&lt;a class=glossaryTooltipMoreLink href=https:\/\/allianceadvisors.com\/ko\/glossary-index\/executive-compensation\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\" data-link=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/executive-compensation\/\" href=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/executive-compensation\/\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">executive compensation<\/a> have for the wider workforce?<\/li>\n<\/ul>\n<p>To address these queries effectively, issuers are encouraged to consult their top institutional investors and relevant proxy advisors. Alliance Advisors&rsquo; corporate advisory services can facilitate the identification of key stakeholders and support meaningful engagement.<\/p>\n<p>In conclusion, the removal of the UK bankers&rsquo; bonus cap represents a transformative shift in financial governance, offering both opportunities and challenges. By maintaining a focus on robust governance and proactive <a class=\"glossaryLink cmtt_ESG Advisory\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Stakeholder Engagement&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; The process of interacting with and soliciting input from stakeholders, including investors,...&lt;\/div&gt;&lt;div id=&amp;quot;cmtt_related_articles&amp;quot; class=&amp;quot;cmtt_related_articles_wrapper&amp;quot;&gt;&lt;div class=&amp;quot;cmtt_related_title cmtt_related_articles_title&amp;quot;&gt;Related Articles: &lt;\/div&gt;&lt;ul class=&amp;quot;cmtt_related&amp;quot;&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/perception-studies-are-the-foundation-for-effective-targeting\/&amp;quot;&gt;Perception Studies are the Foundation for Effective Targeting&lt;\/a&gt;&lt;\/li&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/hosting-an-annual-shareholders-meeting-prepare-earlier-says-esg-veteran\/&amp;quot;&gt;Hosting an annual shareholders&amp;#8217; meeting? &amp;#8216;Prepare earlier&amp;#8217; says ESG veteran&lt;\/a&gt;&lt;\/li&gt;&lt;\/ul&gt;&lt;\/div&gt;&lt;div class=glossaryTooltipMoreLinkWrapper&gt;&lt;a class=glossaryTooltipMoreLink href=https:\/\/allianceadvisors.com\/ko\/glossary-index\/stakeholder-engagement\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\" data-link=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/stakeholder-engagement\/\" href=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/stakeholder-engagement\/\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">stakeholder engagement<\/a>, UK banks can navigate this new landscape while fostering competitiveness and maintaining public trust.[\/vc_column_text][\/vc_column][\/vc_row]<sup>1 <\/sup><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-01-18\/jpmorgan-lifts-ceo-jamie-dimon-s-pay-to-36-million-for-2023\" target=\"_blank\" rel=\"noopener\">https:\/\/www.bloomberg.com\/news\/articles\/2024-01-18\/jpmorgan-lifts-ceo-jamie-dimon-s-pay-to-36-million-for-2023<\/a><br>\n<sup>2 <\/sup><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-02-02\/bank-of-america-cuts-moynihan-pay-3-to-29-million-for-2023\" target=\"_blank\" rel=\"noopener\">https:\/\/www.bloomberg.com\/news\/articles\/2024-02-02\/bank-of-america-cuts-moynihan-pay-3-to-29-million-for-2023<\/a><br>\n<sup>3 <\/sup><a href=\"https:\/\/www.bankingdive.com\/news\/ubs-sergio-ermotti-top-paid-europe-bank-ceo-botin-quinn-credit-suisse-bonus-pool\/711655\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.bankingdive.com\/news\/ubs-sergio-ermotti-top-paid-europe-bank-ceo-botin-quinn-credit-suisse-bonus-pool\/711655\/<\/a><br>\n<sup>4 <\/sup><a href=\"https:\/\/www.bankingdive.com\/news\/ubs-sergio-ermotti-top-paid-europe-bank-ceo-botin-quinn-credit-suisse-bonus-pool\/711655\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.bankingdive.com\/news\/ubs-sergio-ermotti-top-paid-europe-bank-ceo-botin-quinn-credit-suisse-bonus-pool\/711655\/<\/a><br>\n<sup>5<\/sup><a href=\"https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/latest-news-headlines\/ubs-boss-ermotti-becomes-top-earning-european-bank-ceo-in-2023-81933245\" target=\"_blank\" rel=\"noopener\">https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/latest-news-headlines\/ubs-boss-ermotti-becomes-top-earning-european-bank-ceo-in-2023-81933245<\/a><br>\n<sup>6 <\/sup><a href=\"https:\/\/www.bankingdive.com\/news\/ubs-sergio-ermotti-top-paid-europe-bank-ceo-botin-quinn-credit-suisse-bonus-pool\/711655\" target=\"_blank\" rel=\"noopener\">https:\/\/www.bankingdive.com\/news\/ubs-sergio-ermotti-top-paid-europe-bank-ceo-botin-quinn-credit-suisse-bonus-pool\/711655<\/a><br>\n<sup>7<\/sup><a href=\"https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/latest-news-headlines\/ubs-boss-ermotti-becomes-top-earning-european-bank-ceo-in-2023-81933245\" target=\"_blank\" rel=\"noopener\">https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/latest-news-headlines\/ubs-boss-ermotti-becomes-top-earning-european-bank-ceo-in-2023-81933245<\/a>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column]<\/p><div class=\"vcex-shortcode wpex-clr\"><div class=\"wpex-template-shortcode\"><style type=\"text\/css\" data-type=\"vc_shortcodes-custom-css\">.vc_custom_1747221138647{background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}.vc_custom_1747221774850{background-color: #F1F1F1 !important;background-position: center 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