Bonus culture to blame for crippling schemes - Myners

Speaking at the National Association of Pension Funds' Corporate Governance Seminar today, the City minister attacked institutional investors saying the excessive bonus culture is hitting British pensions. Myners told delegates the real losers in the failure of institutional pension funds to control bonuses were the funds' own members. He said: "Over the past decade people who owned shares in UK banks have enjoyed a return of little more than zero. Over the same period bank executives and traders have taken home many billions of pounds in remuneration. "If you owned a bank outright...