The welcome sight of banks rowing back on executive pensions | Nils Pratley

HSBC and Lloyds are showing the way, but it’s still one rule for bosses and another for staff

At HSBC and Lloyds in the past week, we’ve been treated to a rare sight: boards deciding not to defend the indefensible on executive pay. The issue has been executive pensions, territory in which large companies have spouted more self-serving nonsense than in almost any other area of boardroom rewards. If the mini-capitulations by the two banks prompt a wider rethink, bring it on. Current pension practice, as it applies to executives, has become an exercise in pulling wool over eyes.

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