Top EU court should dismiss UK bonus cap plea, says advocate general
Opinion says it is misleading to call pay ratio a 'cap'
The European Court of Justice should dismiss the UK's plea against EU bonus cap laws, advocate general Niilo Jääskinen said in an opinion issued today.
The opinion, though not binding on the Court, delivers a blow to the UK's attempts to overturn the regulation. Contained within the EU's capital requirements directive (CRD IV), the cap sets a fixed ratio of bonuses to base salary of 100% – rising to 200% with shareholder approval.
Numerous Bank of England officials, including governor Mark
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