The Financial Times reported today (September 26 2014) that European Commission president-elect Jean-Claude Juncker has deprived Lord Hill, the likely future EU financial services Commissioner, of the responsibility for overseeing remuneration policy, just a week after handing the job to the British.
It is said that, in a bid to appease critics in the European Parliament, Juncker decided to put Ms Věra Jourová - commissioner-to-be for justice - in charge of remuneration, including enforcing the cap on bankers’ bonuses. This moves follows the threat by Socialist and Green MEPs to block Lord Hill’s appointment, considering him too close to the interests of the City of London Corporation.
Junker’s choice of putting Hill in charge of the finance sector was highly criticized considering his background as an ex-business lobbyist and his ties to the City of London Corporation. The corporation employs Quiller Consultants for lobbying services, which happens to be the lobby firm that Hill co-founded in 1998.
BETTER FINANCE calls upon Lord Hill to honor his appointment and to address the disproportionate power of corporate interests, due to their outright dominance of advisory groups at the heart of Europe.
Mr Hill has to commit himself to ensuring a transparent and balanced financial sector where consumers and financial services users can have a voicewithout legislation being dominated by business interests.
Openness about his interaction with financial corporations and lobbyists should also be at the top of Mr. Hill’s priorities. Juncker himself made it clear in his welcome letters to all commissioners, stating that they should all publish on-line details of all their lobby meetings.
Please read here Financial Times article.