LONG-serving Louth MP Sir Peter Tapsell has urged Prime Minister David Cameron not to allow dismissed bankers to walk away with bonuses and severance payments.
“If, as a result of this shameful banking crisis, bank executives are dismissed or forced to resign, and the boards of their banks fail to act appropriately, will the Government do their best to ensure that the delinquents are not able to walk away with their bonuses and severance payments?” he asked during Prime Minister’s Questions last week.
David Cameron responded that the Father of House had made an extremely good point. He told the house it would be wrong for people leaving in such circumstances to be given ‘some vast payoff’.
“In terms of what the Government can do, we are going to legislate so that all pay deals are put to shareholders with a binding vote, and those deals should include any severance payments.
“The party opposite had 13 years to do that; we are going to do it in two,” he said.