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24 February 2010 - The FT- HSBC retreat fails to damp fears over pay  
20 February 2010 - The Independent- Fat cats face new curbs as shareholders revolt
11 February 2010 - The Daily Telegraph - Grainger remuneration deal voted down by shareholders
4 February 2010 - The Times - City's big guns fire furious broadside at minister  
4 February 2010 - The Times - Myners could do more than lecture
24 February 2010 - The FT - HSBC retreat fails to damp fears over pay  
HSBC was firmly caught up in the politically charged kerfuffle over pay at Britain's banks, backing away from a proposal to increase the basic pay of Mr Geoghegan and other top executives by about a third, following objections from UK institutional shareholders. The ABI's Peter Montagnon comments: " "It is more sensible to make variable pay work better rather than go overboard in changing the structure through greater emphasis on fixed pay."  

Read this article online at The FT.
  
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20 February 2010 - The Independent - Fat cats face new curbs as shareholders revolt
Bosses are facing growing pressure to show restraint over pay as the debate over bonuses moves beyond banking to impact the rest of corporate Britain. James Moore reports. "People are taking this very seriously this year. We are taking stock of the changed financial and economic environment in a way that was probably a bit early to do last year," explains Michael McKersie, assistant director, investment Affairs at the Association of British Insurers, one of the most powerful shareholder groups.  

Read this article online at The Independent.
  
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11 February 2010 - The Daily Telegraph - Grainger remuneration deal voted down by shareholders
Grainger has become the latest victim of a shareholder revolt over pay after its remuneration report was voted down because of a £3m "compromise agreement" to its outgoing chief executive. The Association of British Insurers said it had been "impossible" for shareholders to see how "such a large payment was arrived at".
  
Read this article online at The Daily Telegraph.
  
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4 February 2010 - The Times - City's big guns fire furious broadside at minister  
They once saw him as one of their own but some would now like to see the back of him. Lord Myners, poacher turned gamekeeper and the Government's City Minister, the man in charge of maintaining close ties with the Square Mile's most powerful institutions, has infuriated them again. A stiff letter, fired off to institutional shareholders demanding to know how they are acting to limit banker bonuses and that they reply within a fortnight, has brought the blood of many in the City to the boil. Peter Montagnon, director of investment affairs at the Association of British Insurers, said that investors had already thrown their weight behind a call for bonus restraint at UK banks. He lambasted the Government for boxing in banks with a 50 per cent tax on bonuses. He said: "If the UK were not pretty well isolated in terms of taxing bonuses, it would be a nobrainer for shareholders to move from here to insist banks exercise restraint rather than force them to foot the additional tax bill."
  
Read this article online at The Times.
  
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4 February 2010 - The Times - Myners could do more than lecture
Big City shareholders hardly covered themselves in glory over their stewardship of Britain's banks and the bonus explosion. But they are pretty fed up with being lectured by Lord Myners. It seems that almost every day the City Minister ticks them off and orders them to do extra work. Of course, it doesn't help that, as a former fund manager, the teacher used to be one of the pupils. Comment by David Wighton. The Association of British Insurers says, rather bluntly, the Government's "almost complete failure" to persuade other countries to join its bonus levy move has left shareholders with a major dilemma.
  
Read this article online at The Times.
  
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