Pension Fund Managers Next in EU Pay Scrutiny Firing Line
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Pension fund managers that handle company retirement programs face tougher scrutiny of their pay as the European Union seeks to widen its clampdown on excessive compensation in the financial industry.
Funds would be forced to reveal to regulators how many employees make more than 1 million euros ($1.38 million) in a bid to shed light on pay practices, according to draft EU proposals obtained by Bloomberg News. They should also avoid bonus awards that “encourage risk taking that exceeds the risk tolerance limits of the institution.”