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Monday, April 28, 2003

Push for Pay Disclosure Grows

by: Sean Hanna, Editor in Chief

The United States is not the only place on the map where fund executives are facing calls for more disclosure. There is a movement afoot in Europe also, reports Dow Jones Newswire. Of course, disclosure requirements in Europe are nowhere near as stringent as in the U.S. as of yet. And, they may not be anytime soon.

The strongest push for more disclosure is in the area of manager compensation, according to the news service. Early discussions on how to make the European fund industry more transparent are happening in both Europe and the United Kingdom.

In the U.K. the issue was brought forward by the National Association of Pension Funds (NAPF), which is opposing the compensation package of Michael Dobson, chief executive of Schroders. Dobson earned 2.95 million in 2002. The NAPF is asking that his future compensation be directly tied to performance.

Interestingly, new legislation in the U.K. mandates that employers (not just fund firms) reveal compensation details of workers to employees of similar rank. That law may spur the release of pay information, including the compensation levels of fund executives.

Meanwhile, the article as quotes Darryl Adachi, partner at Heidrick & Struggles, as saying that bonuses on the Continent are down by as much as half. Adachi would not venture a guess on what has happened to total fund manager pay, though.

The original Dow Jones article is available by following this link.">LINKE HERE  

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